- Oct 25, 2021
- Reaction score
Bears Continue to Claw the Crypto Economy Down
Following all-time price highs on November 10, the crypto asset economy has shed an enormous amount of value and continues to sink lower every few days. After reaching $69K per unit on November 10,
Bitcoin Falls Below 200-Day Moving Average, Analyst Suggests Further Declines Are Coming
Speaking with Alex Kuptsikevich, Fxpro’s senior market analyst, Kuptsikevich told Bitcoin.com News that the cryptocurrency market “came under impressive pressure on Monday afternoon.” Furthermore, the
“Bitcoin has fallen below its 200-day average, trading below $47K at the time of writing. Excluding the intraday drop on the 6th of December, these are the lowest values since early October, and bitcoin has lost a third of its value from its peak levels just over a month ago,” the analyst further added. “By and large, the highs at 69k were the starting point for pressure on the BTCUSD. Should the decline develop, it is worth paying increased attention to the 40k and 30k levels, significant round levels where Bitcoin had previously turned to the upside.”
Fxpro’s senior market analyst continued:
The whole crypto sphere is in a bear market. Their total capitalisation is already more than 30% lower from their peaks, and attempts to consolidate beyond critical levels have failed. Last summer, cryptocurrency investor interest returned after capitalisation fell by more than half. This suggests the potential for a further 30% decline from current levels.
Huobi Group Co-Founder: ‘Bitcoin Needs to Break Through Descending Trendline’
Speaking with Du Jun, the co-founder of Huobi Group, the analyst said
“According to data from Huobi Global,
The co-founder of Huobi Group concluded:
At the daily level, today is a slightly longer solid cross negative, with a clear downward trend in the price lows. The price is currently in weakness, stabilizing 47,000 can only make the declining trend temporary, to counterattack also need to break through the descending trendline and 50,800 block.
What do you think about Kuptsikevich’s assessment of the crypto economy and saying the sphere is in a bear market? Do you think the crypto economy is in a bear market? Let us know what you think about this subject in the comments section below.