The most dominant cryptocurrency Bitcoin (BTC) is in the latest cryptocurrency news for a new price reversal trend that it established overnight. After moving closer and almost breaching through $11,000, Bitcoin lost $700 in just minutes as traders gazed at the charts in awe.
According to data from CoinMarketCap, we can see that Bitcoin got the loss of support overnight and right when it was strengthening at $10,900. A few hours later, BTC was at $10,100, failing to bounce higher and dipping to retain the five digits.
The coming altcoin news showed that as always, altcoins were more affected by the fact that Bitcoin lost $700. Ether (ETH), Ripple (XRP), Bitcoin Cash (BTC), Litecoin (LTC) and practically all of the coins in the top 10 have lost anywhere from 3% to 7% overnight.
The $10,200 level is significant right now. After Bitcoin lost $700, we can see that the cryptocurrency is at $10,175 at press time and trying to breach the $10,200 level. The total cryptocurrency market cap also declined. As many best cryptocurrency news sites showed, it is now at $264 billion.
“Currently bouncing off long term trend line and wanting to watch a close above $10,200,” the popular analyst Josh Rager summarized in his fresh analysis on Wednesday.
Despite trading at around $9,300 since mid June, the sentiment around BTC has dramatically changed in the recent days as metrics show. Now that Bitcoin lost $700, the Fear & Greed Index is among the most interesting ones right now, tracking price moves based on whether investors are too eager to buy or sell. On a scale of 1 to 100, right now the index is at 11 which indicates extreme fear and suggests that the markets are oversold.
Bitcoin lost $700 and could recover soon. However, if the dominant cryptocurrency drops to four figures once more, the longer term predictions will diverge in their optimism. According to some figures from crypto research firm Digital Asset Research, the Bitcoin block reward halving scheduled for May 2020 will see the BTC/USD pair balloon to over $60,000.
For the time being, however, it is the altcoin investors who are feeling the worst pain because of Bitcoin’s drop. The worst performance still belongs to Bitcoin SV (BSV) which is down by around 7% at a current price of $133.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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