Another weekend is not in favor of the cryptocurrency market. Bitcoin has lost $ 2,000, and the total capitalization has lost $ 100 billion. Bitcoin this Saturday fell to a six-day low of $ 35,000. The situation with the alts is similar, with ETH dropping to $ 2,200 and BNB to below $ 340.
This week, everything seemed to be going well for Bitcoin, but too rapid growth again played against the asset. At some point, the price even rose to $ 40,000 or more. With their efforts, the bulls brought the leading cryptocurrency to a new 3-week high of almost $ 41,400, but, as before, Bitcoin was unable to gain a foothold at this level. The current decline is taking place in conjunction with the US stock market.
After reaching a high figure, BTC began to gradually surrender, gradually dropping the price. Dropped below $ 40,000, the asset swiftly went to $ 37,000 and below.
After falling to the level of 37,000 dollars yesterday, the bears continued to pressure and brought Bitcoin to just below 35,000 dollars. This marks the lowest asset price line since last Sunday, proving the claim that the past and next weekends will be similar for the cryptocurrency market.
At the time of this writing, the asset has recovered several hundred, but still feels insecure.
Analysts believe that if Bitcoin falls to $ 30,000, then the leading cryptocurrency will fall by another 50%, to $ 15,000- $ 20,000.
Altcoin market is located next to Bitcoin
Nothing changes and altcoins follow the trend set by Bitcoin. Most digital assets have mimicked an upswing, like their leader in the past few days, and therefore have collapsed with it now.
Ethereum lost another 4% in value in the last 24 hours and even dropped to $ 2,200, now recovering $ 50. The decline in BNB is also predictable, with the asset defended below $ 340. Binance Coin surpassed $ 380 a few days ago.
Crypto market is “mired in uncertainty”
According to analysts, “the market is stuck in a neutral position when it is unclear whether a bearish or a bullish trend has come.”
For example, CryptoQuant analyst Ki Young Ju believes that traders should stop trading and be patient until the market situation becomes clear.
Analyst Willy Woo has a radically opposite opinion. He is confident that the network value of transactions (NVT) indicator is still signaling a bullish trend. Therefore, the current period is ideal for entering the market, since the correction will continue until some loud event.
It is hardly worth expecting any major fluctuations in the crypto market, experts say. Despite the correction of digital assets, they continue to trade within established ranges. Experts believe that lateral dynamics will persist not only over the weekend, but until the end of June.
At the same time, a certain threat is posed by the negative news background for cryptocurrencies, which has recently been unpredictable. If the weekend is calm in terms of information, then cryptocurrencies will remain in busy price corridors, experts conclude.