What few expected at this point happened, with such strong bull trends, the crypto market falls down a slide, movement mainly driven by Bitcoin, which finally gave up some control to the bears.
After a week full of surprising increases such as BNB, today we see how the bears can exert a lot of pressure in a short time, eliminating much of those gains at a stroke.
Below is the table of the TOP 10 of the market, so that you can observe the important decline in development.
Bitcoin falls and drags the entire crypto market
With Bitcoin’s price at surprising all-time highs, it seems that investors started to decrease their greed a bit, even as an exponential rise is still expected for the medium / long term.
Shortly before the crash began, a strong flow of BTC to exchanges was observed, a signal that is taken as bearish for the price, as it speaks of a greater supply of coins.
As the speed of coins towards exchanges increased, Coinbase’s premium decreased to an all-time low of – $ 1,020, a negative sign that tells us of the low interest of large capitals to continue buying.
However, this indicator quickly recovered to + $ 486, which tells us about bulls willing to buy at discount prices, looking at the great long-term trend that Bitcoin brings.
It is possible that we will see some small respite to the upside in the next few hours, perhaps it was enough with what happened.
Either way, the bears are clearly in control of very short-term trends. However, I do not think it is a very good idea to try to fight against institutions that enter hundreds of millions to the market with an eye to the long term.
Ethereum does not escape the pullback
As the crypto market fills with blood, ETH falls to a daily low of $ 1,354. After this, the price quickly got support at $ 1,407, a level that was previously an important resistance left by the all-time high of 2018.
Even though we may be seeing a sharp decline in the short term, I repeat that there are strong major bullish trends that are totally dominant. What we are seeing is nothing more than a healthy correction.
The CEO of Crypto Quant tells us that data such as the flow of ETH to exchanges and withdrawals from them tell us that the current all-time high is different from 2018.
BNB falls back to 186 after peaking at over $ 340
A large correction to the price of Binance’s coin is in the works, pushed further as the overall crypto market falls.
After having hit a surprising all-time high of $ 348, a drop of more than 35% came.
Now priced at $ 220, BNB could be close to finalizing its corrective process, kicking off a new bullish momentum fueled by the Binance Smart Chain (BSC).
The rise of this cryptocurrency is sustainable, and seeing the current landscape of high commissions on the ETH network, Binance Coin should continue to benefit from the migration of capital to the BSC.
All our publications are informative in nature, so in no case should they be followed as investment advice.