- Bitcoin leads the cryptocurrency market in losses but two days to its 2020 halving.
- BTC/USD quickly bounces off intraday low at $8,105; displaying strength from the buyers.
- The cryptocurrency market is within the red led by major cryptoassets; Bitcoin, Ethereum and Ripple.
The cryptocurrency market has been painted with one big bearish flag led by the main cryptocurrencies. Bitcoin price plunged from highs on the brink of $10,000 on Saturday to intraday lows at $8,105. Ethereum couldn’t hold above $200 thanks to its correlation with Bitcoin price. Ether touched lows at $180 but is now trading 11.21% lower at $186. The third-largest cryptocurrency has not been spared because it has spiraled to $0.1780 (intraday low) from Saturday levels above $0.22.
Cryptos dump in double-digits just before Bitcoin halving
The selloff within the market is happening but two days the 2020 block reward halving. The drop wasn’t expected many traders must are caught off guard. as an example , data by analytics platform Skew shows that liquidations hit highs $226 million.
Other cryptocurrencies have also recorded double-digit losses include Bitcoin Cash (11.5%), NEO (10.66%), Litecoin (10.81%), IOTA (12.16%), EOS (10.91%) and Ethereum Classis (12.83%).
Bitcoin price technical picture
Intriguingly, Bitcoin price bounced off the 61.8% Fibonacci level to exchange hands at $8,611. This shows the willingness of the investors to shop for in anticipation of a reversal above $9,000. Also holding the worth in situ is that the 200-day SMA (0$8,053). However, the sharp slope of the RSI suggests that selling pressure remains high in spite of the bounce from the intraday lows. Therefore, other support areas to stay in mind include $8,000, .the 50-day SMA and $7,000.