We are seeing losses again in the crypto market, thanks to a bearish tide mainly driven by the fall in the price of Bitcoin.
At the time of this writing, BTC is trading at $ 51,364.83, accumulating a loss of 9.97% in the last 24 hours. In the same period of time, ETH has lost 8.59%, trading at $ 1,589.51, while BNB lost 12.93%, reaching $ 232.41.
As is often the case, fear is flooding investor sentiment, but only partially.
Today as the price falls, Whale Map comments that the price is reaching an area where a significant group of buyers opened positions, which should be psychological support.
Because the majority view is long-term, the decline shouldn’t be too worrisome yet.
That investors are still looking to the long term is demonstrated when we see how while the price has been climbing for the last few months, the amount of coins available on exchanges falls to all-time lows.
As if that were not enough, the miners who are the main providers of supply to the market also keep storing.
Now let’s see what the price charts tell us.
Crypto market bearish direction blamed on Bitcoin losing 55k
There is no doubt that the red tide in the market is the fault of the bigger one. Although we were seeing how the bulls defended the support zone around $ 55,000, last Monday when the bears managed to break through, some negativity could be seen coming.
Now we see a clear bearish movement, which could be looking for the support zone around $ 48,500, which would undoubtedly continue to drag the entire crypto market lower, no matter how little.
Actually, this behavior is not so worrying, since we see that the price is in a wide lateral range, with support at $ 45,000. That’s the most important level, as long as it holds, we may continue to see all-time highs in the near future.
The dominant trend remains undoubtedly bullish
When we go up to the weekly time frame we notice more clearly how the current drop is not yet something that can worry those who store for the long term.
Sure, we could be at the start of a major correction, but for us to start thinking about this, we should first see a break in support at 45k.
At the moment it is not a very good idea to sit and wait for a big crash, the incredible dominant bullish force could surprise us at any moment.
Ethereum could be slowed by demand at $ 1,500
ETH went straight into the immediate demand zone around $ 1,500, as bearish intent intensified across the crypto market.
Now the price could be being held back by the demand that exists in that area, and by positions that were armed from there and do not want to abandon.
For current bearish intentions to tell us that a steep decline is about to begin, support at $ 1,440 must be effectively broken through. As long as that doesn’t happen, the dominant force could carry ETH to new highs soon.
Binance coin goes in search of $ 210
The BNB token is also being hit hard by the bear tide in the crypto market.
After losing support at $ 254, the price went in search of the support zone surrounding $ 210.
From that area Binance coin began a significant recovery in the past, which tells us about large purchases that entered there.
As long as the support at $ 210 is not breached, the bearish intentions of the last few hours should not be of great concern.
All our publications are informative in nature, so in no case should they be followed as investment advice.