The Next Bitcoin Crash Could Be More Powerful
Bitcoin‘s price seems to be on a downward trend these days, unfortunately for the ones who were hoping to see the king coin surpassing $10k once again.
A few days ago, Bitcoin was retesting the important level of $10k. This is an important FOMO-triggering level, but the king coin did not have the chance to surpass it as following a massive BTC move, the coin dropped to near $9,300.
At the moment of writing this article, the king coin is trading in the red and it’s priced at $9,059.08.
The next price crash could be bigger
Crypto Daily notes that this recent price drop exposed the weakness in the crypto market.
For weeks, retail trailers were led into thinking that the crypto market was ready to boom, but it’s pretty clear now that it’s not the case yet.
The online publication said that the king coin might fall even below $9,000 and it seems that we might be heading down that road now.
The online publication wrote that until recently the bears were too scared to get involved and constant UDST printing and pumping discouraged traders from shorting the market.
A decline in the S&P 500 (SPX)
“However, now that we have also seen a decline in the S&P 500 (SPX), traders are more confident about entering short positions again,” the online publication writes.
They continued and noted that the previous stock market decline led to a major decline in the crypto market as well and this time, this drop could be even more devastating.
Crypto Daily also noted that the EUR/USD forex pair is also on the brink of a downtrend, running into key resistance and facing rejection. It’s ready to head lower and face correction.
We recommend that you check out their complete analysis in order to learn all the details that they bring into the discussion.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.