Bitcoin Sheds $5K this Week as Broader Market Bleeds
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Bitcoin (BTC) suffered a debilitating crash over this week after slipping from around $52K on Monday to $46K earlier today. The broader crypto market was badly affected as the crypto market valuation dropped by over $200 billion over the past 24 hours to $2.2 trillion.
Only a few days ago, the crypto landscape exhibited significant bullish bearings, and traders and investors alike were optimistic for the near-term prospects of the market. The benchmark cryptocurrency had made a significant stride above $50K and peaked at $52.1K on Monday.
However, things came crashing for the market after bears stepped in and flipped the market sentiment. Instead of sustaining the bullish momentum, Bitcoin headed northward and continued on an aggressive bearish path.
At press time, the crypto asset coasts near the $47K mark and is down by 1.3% over the past 24 hours. Analysts opine that the renewed influx of volatility crashed a lot of dreams for leveraged traders as liquidations exceeded $300 million for over-leveraged traders.
The altcoin market also suffered a similar fate, with many recording near double-digit drops. At press time, the market is reeling from the crash with Ethereum, Binance Coin, Solana, Cardano, Ripple, Luna, and Polkadot all trading in a sea of red with -2%, -2.8%, -2.1%, -5%, -2.2%, -1.5%, and -2.6%, respectively.
Key Bitcoin Levels to Watch — December 30
As mentioned earlier, BTC has fallen into bearish territory again as the cryptocurrency fell to the $46K low. However, it appears that bears too lack the fortitude to sustain a move below the critical $46K support as Bitcoin recovers a mild bullish tone today.
That said, I expect this push and pull momentum between $51K and $46K to continue well into the new year. This quiet momentum should get sustained by the low trading volume in the market amid the holiday celebrations.
Meanwhile, my resistance levels are at $48,00, $48,500, and $49,500, and my key support levels are at $46,000, $45,000, and $44,000.
Total Market Capitalization: $2.20 trillion
Bitcoin Market Capitalization: $886.9 trillion
Bitcoin Dominance: 40.3%
Market Rank: #1
