Over the past 24 hours, the Bitcoin price dropped from $3,500 to $3,322 with a 5% decline against the US dollar. The abrupt decline in the Bitcoin price led the valuation of the total market to plunge by over $10 billion in a three-day span, leading the daily crypto news to a new negative narrative.
The decline was led by major crypto assets such as Bitcoin Cash (BCH) and EOS (EOS) which again managed to drop and just confirmed their unstable positions which started throughout the past week.
Despite recording intense sell-offs, Bitcoin managed to defend the $3,000 support level throughout the past three months, having strength at multiple occasions. However, now we can see a weakness in the short-term trend and according to some analysts, a fall to the $2,000 region is inevitable for BTC.
One of them was “Mayne” who is a popular cryptocurrency trader. According to him, Bitcoin could drop by another 50% from its current price if it fails to hold the $3,000 level. As he said:
“All bear market my feed is ppl getting bullish at lower highs and bearish after dumps. $BTC could drop another 50% from here but most of you are better off sitting out or waiting for longs. The time to short bigly was all last year. Daily close looks good if this level holds.”
Some analysts also suggested that no strong supports were formed below $3,000 which may leave the asset vulnerable to a steep decline if it falls below key support levels in the short term.
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