Bitcoin Losses The $50K Following Wall Street’s Bloodbath: Market Watch

Bitcoin’s endeavor above $50,000 has seen a slight detour as the cryptocurrency has dipped beneath that level once again. Most alternative coins have also stalled since yesterday’s gains, and the market cap struggles to remain above $1.5 trillion.

Bitcoin appears to be highly correlated with traditional markets as major indices are down substantially yesterday as well. The NASDAQ Composite Index is down 2.7%, the NASDAQ 100 is down 2.88, while the S&P 500 is down upwards of 1%.

Bitcoin Dips Beneath $50K

Ever since BTC nosedived to $43,000 during the weekend, the primary cryptocurrency has been gradually increasing in value. In the past few days, the bulls were especially active and pushed the asset north.

This led to yesterday’s mainly positive trading day in which bitcoin surged to nearly $53,000 – a price tag that became the highest level in ten days.

However, the bears interfered at this point and drove the cryptocurrency south again. In the following hours, BTC dumped to $49,000, and while it has reclaimed some ground since then, it still struggles just shy of $50,000 as of writing these lines.

This particular level continues to be BTC’s first and key obstacle on its way north. If the asset succeeds in conquering it decisively, the following resistance lines are $52,000, $53,150, and $54,000.

Alternatively, the technical indicators inform that the support levels that could contain a possible price drop are at $48,000, $47,200, and $46,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Struggle Too

The altcoin market enjoyed the past several days as well, with frequent double-digit gains. However, most alts have either stalled or retraced on a 24-hour scale.

Ethereum jumped above $1,600 briefly but a slight correction has driven the second-largest cryptocurrency down to $1,560. ADA (-3%), Binance Coin (-3%), Polkadot (-3%), Litecoin (-4%), Chainlink (-3%), and Bitcoin Cash (-3%) are all in the red as well.

The only exception in the top ten comes in the form of Ripple. XRP has added 2% of value since yesterday and trades above $0.45.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More fluctuations are evident from lower- and mid-cap altcoins. Chiliz leads the gainers’ camp with a 55% surge to $0.11 after news broke that the blockchain project will expand its services to the US as well.

Enjin Coin (50%), Hedera Hashgraph (24%), Decentraland (22%), Arweave (22%), and ZKSwap (20%) follow.

In contrast, Curve DAO Token (-10%), Voyager Token (-10%), Fantom (-9%), Polygon (-8%), NEM (-8%), and Reserve Rights (-6%) have lost the most since yesterday.

The crypto market cap has dropped by $60 billion since yesterday’s high and is just north of $1.5 trillion.

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Cryptocurrency charts by TradingView.

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