Bloodbath in crypto market as Bitcoin, Ethereum gasp for breath

Bitcoin

Key Takeaways:

  • Bitcoin, Ethereum price have been declining this week.
  • All top 100 cryptocurrencies are currently in a bearish market.
  • ETH needs to reclaim $4,000 to ensure its bullish bias long-term.

NIGERIA (CoinChapter.com ) — Bitcoin (BTC) and Ethereum’s native token Ether (ETH) has continued to plunge freely week-to-date, with BTC dipping by nearly 9% towards $45,000 and ETH by over 11% to $3,660. The situation is the same with all the top 20 cryptocurrencies and most others in the top 100 cryptocurrencies.

Bitcoin back at $47K after dipping to $45K

Bitcoin posted stable price movements during the weekend as it attempted to regain $50,000.

But things started looking bleak again Monday as the Bitcoin price tanked towards $45,000, marking yet another massive daily red candle and hampering hopes of proper recovery once again. At the time of this writing, the price managed to recover a bit and is currently trading just above $47,000.

Bitcoin, Bloodbath in crypto market as Bitcoin, Ethereum gasp for breath
BTC marks another massive daily red candle as price drops as low as $45k. Source: TradingView.com

According to a Bloomberg analyst, Akshay Chinchalkar, the number one cryptocurrency, has tested key technical support levels after a more than 30% plunge from a record high hit just over a month ago.

Bitcoin, Bloodbath in crypto market as Bitcoin, Ethereum gasp for breath
Bitcoin tests the 55-week moving average at a Fibonacci retracement. Source: Bloomberg.com

The BTC price has been testing the 55-week simple moving average as support. The wave, alongside the levels around $44,000, has occasionally provided buying opportunities to bulls, thus keeping Bitcoin’s long-term upside bias intact.

Ether struggles to regain $4,000 resistance level

Ethereum token Ether also tailed Bitcoin to its losses. At press time, the ETH price was down by 4% to $3,782.

That means that ETH also closed below a key support level of $4,000. It has now been trading below its 100-day moving average line. While risks emerge for further selloffs, reclaiming $4,000 resistance as support may limit the Ether price’s downside bias to a good degree. Or, it would risk falling to even $3,000 in the near term.

Ethereum(ETH) currently trading below 100 day moving average line
 ETH currently trading below the 100-day moving average line as the price struggles below $4,000. Source: TradingView.com

Despite analysis that ETH may be sliding to a bearish zone especially if it does not retake the $4,000 resistance line again, investors on Twitter remain resilient and encourage others to buy or HODl.

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Bitcoin, Bloodbath in crypto market as Bitcoin, Ethereum gasp for breath

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