Bitcoin Market Analysis: Market Bleeds as BTC Sheds $8,500
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Following a relatively slow weekend for Bitcoin (BTC) around $49K, the benchmark cryptocurrency suffered a debilitating blow over the past 24 hours. As expected, with BTC declines, most altcoins recorded significant drops likewise, causing the market value to fall by over $200 billion.
As mentioned earlier, Bitcoin had a quiet weekend and even attempted to break the $49K barrier. However, things took a turn in the early Asian session on Sunday as the primary cryptocurrency fell to the $47K area.
Bears did not stop there but drove the price lower, with BTC plummeting to the lower-$40K area earlier today.
From a peak of $48.8K on Sunday, the primary cryptocurrency has suffered an $8.5K crash over the past 48 hours. Leveraged long traders took a heavy beating, with over $1 billion liquidated since the bearish onslaught.
It is worth mentioning that the recent bearish market sentiment cut across several financial industries, with the EU stocks and US futures recording huge drops as well. Meanwhile, Gold fell into the group of a few asset classes that escaped the ravaging bearish sweep.
Other top altcoins, including Ethereum, Cardano, Binance Coin, Ripple, Solana, Polkadot, Dogecoin, all recorded double-digit drops since Sunday, effectively erasing all gains over last week.
Key Bitcoin Levels to Watch — September 21
On our hourly chart, BTC appears to have regained some bullish traction as the cryptocurrency claws its way out of the recent crash. The flagship cryptocurrency now battles with the $44K – $43.5K pivot area.
The initial dip on Sunday found some support at the $44K level. However, the decline formed a bearish golden cross, which triggered a drop to the $40K area. Nonetheless, our MACD indicator shows that this pattern has run its course, and a steady rebound might occur over the coming hours and days.
Meanwhile, our resistance levels are at $44,000, $44,400, and $45,000, and our key support levels are at $43,000, $42,000, and $41,000.
Total Market Capitalization: $2.02 trillion
Bitcoin Market Capitalization: $816 billion
Bitcoin Dominance: 42.4%
Market Rank: #1
