Analyst: Crypto Bear Market May Get Worse, Bitcoin (BTC) Fundamentally Unsupported
Although selling pressure eased off crypto markets over the weekend, Bitcoin (BTC) and altcoins are still in the midst of stormy seas. BTC has found itself stagnant at $3,375, seemingly caught in an inflection point between a short-term bounce and lower lows. As this market’s leading asset has slowed, so has the market capitalization of all cryptocurrencies in circulating. This pertinent figure has moved to $111 billion, just three billion down from Ethereum World News’ Friday update. Interestingly, trading has dried up in recent days, with the 24-hour volume figure dropping to $13 billion ($6.7 billion adjusted) from the $20 billion ($10 billion adjusted) posted amid Friday’s rapid price action. What would be a market update with BTC… right? Over the weekend, BTC embarked on a short-term recovery, moving from $3,300 to a multi-day high at $3,650 over the course of multiple hours. However, as the buying pressure quickly dissipated, BTC began to fall back to Earth on Sunday, moving under $3,500, a cited key support level, before falling victim to the weekly Monday sell-off.