Bitcoin Threatens To Drop Below $27,000 As Alpha Crypto’s Freefall Sees No Let-Up
Bitcoin suffered significant losses today as regulatory pressures took a toll on market sentiment. With prices falling, many traders are wondering if the cryptocurrency can drop below the critical support level of $27,000.
Despite this uncertainty, some traders remain bullish, betting big on a possible recovery. However, as the market continues to face regulatory challenges, it remains to be seen whether these bullish bets will end up helping or hurting the BTC price in the near term.
Bitcoin Weekly Death Cross: Technicians Suggest More Hectic Days Ahead
According to CoinMarketCap, Bitcoin price currently stands at $27,346, but the last 24 hours have been quite tough for the cryptocurrency as it has caused the coin to lose 3.16%. Last week was more painful as the alpha coin saw a 10.12% drop.
These numbers indicate that market sentiment towards Bitcoin remains choppy, leaving many investors wondering whether the time is right to buy or sell.
Despite having a market capitalization of over half a trillion dollars, the Bitcoin market remains highly volatile compared to the traditional stock market. Technically, Bitcoin price could experience more volatile days as the weekly cross between 50 and 200 MA holds.
#Bitcoin 29500$ – 30000$ is a level you would like to lower if rejected.
The price is currently at the TL support. If we lose 28,000$, more chances we will test 25,500 – 26,000$ and keep going higher.
Note: Daily Bitcoin TF is still trading above 50EMA 🚀 pic.twitter.com/oC6PPhPRUG
— Mikybull 🐂Crypto 🔬 (@MikybullCrypto) April 21, 2023
In view of this, a well-known cryptocurrency analyst on twitter, Mikybull, expects Bitcoin to remain in correction mode if it does not break above the $29,000 level in the coming days. This uncertainty has left many investors wondering if the time is right to invest in Bitcoin or wait for a more stable market.
New Memecoins Steal BTC Thunder as EU Passes MiCA Regulations
Bitcoin’s market dominance has been in a downtrend of late, with new meme coins like WOJAK and PEPE growing in popularity. According to market data from TradingView, Bitcoin dominance was around 47.16% of the total cryptocurrency market capitalization.
Ethereum took second place with a market dominance of around 18.7%. The total capitalization of the cryptocurrency market was around $1.23 trillion, with a daily trading volume of approximately $60.8 billion.
Bitcoin (BTC) total market cap currently at $527 billion on the weekend chart at TradingView.com
However, the most significant development in the world of cryptocurrencies last week came from the European Union parliament. After months of deliberation, EU regulators passed the Markets in Crypto-Assets Act (MiCA) with overwhelming support.
The legislation standardizes regulations and establishes harmonized rules for crypto assets across the European Union. This change is expected to provide a more stable and regulated environment for cryptocurrency investors and companies operating in the EU.
As for the US, we have yet to witness the crypto market move to deviate to a greener course.
-Regional Medical Group featured image