Bitcoin Sheds $10k, as Cryptocurrency Market Bleeds
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The cryptocurrency industry has come under severe selling pressure, as the cryptocurrency market cap plunged by over $200 billion (10.4%) to $2.03 trillion in a few hours. Reports show that a selloff in Bitcoin (BTC) was responsible for the broader market plunge. The benchmark cryptocurrency fell by over 16% (close to $10k) in the Asian session earlier today.
Other large-cap cryptocurrencies, including many medium and small-cap cryptos, suffered a similar fate with Bitcoin, as the market bleeds from all angles. At press time, Ripple (XRP) is trading down at -21%, with Bitcoin Cash (BCH) trailing behind with -20%.
Ethereum (ETH) (-10%), Binance Coin (BNB) (-9%), Cardano (ADA) (-13%), Polkadot (DOT) (-14%), and Litecoin (LTC) (-17%), all contributed to the broader market decline.
Reports claim that the primary factor behind today’s plunge was the relatively high funding rates for buying Bitcoin, coupled with a bearish cloud hovering at the $64k – $65k region.
Meanwhile, well-known cryptocurrency strategist Cantering Clark noted that recent data indicates an imminent arbitrary market cool-off. He tweeted that:
“50k and 80k strikes highest contract/notional for $BTC. I think these writers will be happy, and I am still in the same opinion that the end of April – May begins the shift that makes Bitcoin a less favorable long. No breakout, just range, and rotation.”
Key BTC Levels to Watch — April 18
Bitcoin suffered a massive drop from the $61k round figure over the past few hours, as bears kept piling selloff after selloff within a relatively short period. The selloff, notably the worse since February, sent BTC to a monthly low at $50,622.
That said, a sharp recovery to the $55k area, where the primary cryptocurrency is currently coasting at, followed the historic plunge. Bitcoin could regain some bullish traction and climb into the $58k pivot area over the coming hours, as our MACD indicator shows that the cryptocurrency is now deep within oversold conditions.
Meanwhile, our resistance levels are at $56,700, $57,500, and $58,000, and our key support levels are at $55,000, $54,000, and $53,000.
Total Market Capitalization: $2.08 trillion
Bitcoin Market Capitalization: $1.07 trillion
Bitcoin Dominance: 51.6%
Market Rank: #1
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