The cryptocurrency market has seen a sell-off, with Bitcoin dropping under $29,000 and trading 4.28% down at a price of $28,913 and a market cap of $559 billion. The top ten altcoins have also corrected between 5-10%, and $28,450 is a crucial support zone for Bitcoin below which it could fall further to $25,000. However, even at the current price, Bitcoin's year-to-date gains stand at 75%, and the sentiment around Bitcoin has turned positive with the hope that the Fed could loosen its monetary policy going ahead. Bitcoin whales have also started accumulating BTC again, and a recent study identified bullish periods by using the token's relative strength index, which had to be above 50. However, some analysts remain cautious due to the recent US regulatory crackdown in the crypto space, and a build-up in leverage that could trigger a liquidation. (coingape)
All Comments