Sunday Analysis: Crypto Markets Dump $10 Billion As BTC Slides

As per the Sunday analysis that we have today in our latest cryptocurrency news, the crypto market dumped more than $10 billion and it seems like the red is going further down with EOS, Cardano, IOTA, NEO, and Binance Coin all losing over 4 percent.

The dominance of the number one cryptocurrency is clinging to the 70 percent sign but with the altcoins going down again it seems safe for now. Following the bullish week, the bears have come out to play this weekend. The steady decline has resulted in a drop for the total crypto market capitalization reaching slightly above $260 billion. The daily volume has also dumped more than $70 billion on Friday to around $50 billion today according to Coinmarketcap.com. The move has been initiated by Bitcoin which failed to hold ground above $10k again. The slide started on Friday after the cryptocurrency climbed briefly $10,300. BTC eventually bottomed out at around $9,850 according to Tradingview charts and recovered slightly to trade at $9,940 where it settled.

The descending triangle pattern is defined clearly and the analysts have predicted the moves in either direction but the low side looks like the better bet when the breakout happens. With more than two months of range-bound action, the traders are yearning for a bigger move to break the monotony. The analyst ‘CryptoHamster’ was looking at the Mayer Multiple which is an indicator that shows the gauging the current price of Bitcoin against the long-range historical price movements. The indicator also highlights when BTC is overbought or oversold:

 “Mayer Multiple is well below its moving average – in the zone where corrections usually bottom. So, it is either already over, or we will hit that 1.09 value.”

A drop below that level would see the Bitcoin prices back around $8,000 again but they will be unlikely able to remain that low for long. The buyers have always been able to push the prices back into the five figures range but no new money is entering the markets currently. Maybe the Bakkt launch on Monday could generate some of the needed momentum so this could be a final dip as per the Sunday analysis in the altcoin news.