Bitcoin Crashes Below $30,000, Bear Market Or Bullish Setup?
20 Julho 2021 - 2:00PM
NEWSBTC
Bitcoin has finally crashed below $30,000 for the first time in a
month after the digital asset had recovered above this point
following the crash to the $28,000 range in the last month. Market
volatility levels have continued to remain low while the digital
asset price continues to suffer. Market sentiments seem to remain
in the extreme fear range as investors hold off putting more money
into digital assets. Bitcoin continues to show bearish tendencies
as, despite best efforts, bulls have not been able to drag the coin
out of its three-month-long decline. Breaking the critical $30,000
hold that holders have tried to keep the digital asset price.
Market indicators so far continue to show that the digital asset
might be headed for further decline. Related Reading | Retail
Traders Pile On Shorts, Is This The Bitcoin Bottom? The price of
the digital asset has now hit the same price that the coin was at
the beginning of the year 2021. Showing that this dip might be
continuing on further down than the market anticipates. Bitcoin
Market Dominance Continues To Decline Bitcoin is the first
cryptocurrency and certainly the most valuable has always
maintained market dominance over the other crypto assets in the
market. The market dominance was well above 50% at the beginning of
the year but now that number has declined to less than 50% market
dominance for the coin. Bitcoin market dominance at 42% | Source:
BTC Dominance Index Chart from TradingView.com The price crash in
May saw the market dominance for the digital asset take a sharp
decline as other crypto-assets started to step up their game and
take more market share. With coins like Ethereum slowly but surely
taking a much larger market share. Related Reading | Bitcoin
Might Already Be In A Bear Market, Investors Just Don’t Know It Yet
Bitcoin dominance saw sharp declines in 2017 when other crypto
assets started gaining notoriety. In 2017 alone, the digital asset
saw its market dominance go down from 95% to 52%, before recovering
up to 70% as the last bear market raged on. But now, bitcoin has
started losing much of that dominance, currently sitting at 46%
market dominance. Bear Market More Likely Than Bullish Setup
Massive FUDs in the market might point more to a bearish trend than
it does to the bullish setup. There have been debates about whether
events like the China crackdown on mining and crypto bans have been
a good indicator for the crypto market at large and consensus seems
to be that the events will help to make digital assets even more
valuable. While things like this might be true in the long term, it
seems so far to not be good for the long term. With the FUDs have
come decreasing prices in the market and the charts continue to be
in the red. Bitcoin price crashes below $30,000 | Source: BTCUSD on
TradingView.com With investors still being wary of putting money in
the market, the price has so far suffered. Despite institutions
like Michael Saylor’s MicroStrategy continuing to be bullish on
bitcoin. Bitcoin is currently trading at $29,764, with an overall
market cap of approximately $557 billion. Featured image from
Investment U, charts from TradingView.com
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