Bitcoin is weakening?- Despite the buying reaction yesterday, Bitcoin is once again falling below $30,000. In its downfall, BTC brings altcoins with it. The king of cryptocurrencies appears to be struggling to hold the $30,000 level, will buyers hold onto this asset?
This Bitcoin price analysis is brought to you in collaboration with CryptoTrader and its algorithmic trading solution finally accessible to individuals.
Bitcoin price drops 2.8% in 24 hours
Wednesday, April 19 is a red day for cryptocurrencies. Bitcoin price drops 2.8% in 24 hours :
BTC price drops by 2.7% in one week, but it remains in the green in a month. For the past three months, the price of BTC has been up by more than 41.5%. The decline in the market restores color to the BTC/ETH pair, which climbs by 2.1% in 24 hours. Today’s movement has liquid many players in longs, especially on altcoins.
Bitcoin Price Falls: Altcoin Long Trader Liquidations
According to data from Coinglass, and despite the fall of 3% in the space of an hour this morning, the market is recording a rather basic day in terms of bitcoin liquidations :
The market registerse $31 million in liquidations on the long side. This indicates a fairly normal day in the market. However, if we are interested in altcoinsthe situation is quite different:
In total, the market registers $190 million in liquidations on the long side. On its own, Ethereum saves 43 million liquidations. A fall of 3% of Bitcoin has generated significant liquidations on the side of altcoins. However, the day of April 14 was superior in terms of liquidations. In fact, there were nearly $250 million in liquidations on the shorts side.
Bitcoin price stalls at resistance level at $30,500
Bitcoin fails to break the resistance at $30,500. The sellers regain control and bring the price back to the level of the neck line of the “W” at $29,170 :
Yesterday, the buyers had defended this zone, and the price had bounced back. However, the price once again came up against the resistance at $30,500and the course is back around $29,200. Buyers must defend the rack at $28,500 to avoid calling into question the bullish primary momentum.
The RSI is always fragileit evolves below the bearish trendline. A fence above 60 could help to relaunch momentum with bottoms and ascending tops.
The market is seeing major sell-offs on the altcoin side due to the fall in Bitcoin. It would seem that many traders were betting on the rise of altcoins. With this fall, the price of BTC falls back below $30,000. Buyers will need to react quickly to hold support at $28,500.
Do you want to delegate the trading of some of your cryptocurrencies? Through his optimized trading serviceCryptoTrader allows you to maximize your profits in a simple, diversified and fully automated way.