CryptoSignals News

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do
eiusmod tempor incididunt ut labore et dolore.

Join Our Telegram

Bitcoin Plummets Below $30,000, Drags Entire Market Along

July 20, 2021

#BITCOIN#BTC#CRYPTOCURRENCY#NEWS#Technical Aanalysis

As bears continue to dominate the crypto scene, Bitcoin (BTC) has breached the $30,000 support in an overnight crash. As expected, the rest of the cryptocurrency industry took a plunge as well, with double-digit losses across the crypto space resulting in about a $100 billion crypto market valuation decline.

Bitcoin fell into a bearish row after it crossed below the $36,000 level a few weeks ago. The benchmark cryptocurrency saw a$1,500 dump to an intraday low of $29,300, breaking the critical $30,000 level for the first time since June 22.

The market capitalization of the benchmark cryptocurrency has taken a beating, falling below the $560 billion price point. However, its market dominance has climbed above 46% as most altcoins suffered worse declines.

Ethereum (ETH), the largest altcoin, dipped near the $1,700 support today after suffering a 6% decline over the past 24 hours. Binance Coin (BNB) also suffered a debilitating crash over the past 24 hours, recording a -12.2% decline from its recent $295 high.

Meanwhile Cardano (ADA), Ripple (XRP), Dogecoin (DOGE), and Polkadot (DOT) all suffered significant losses as well with -11.2%, -8.7%, -7%, and -10.6%, respectively.

Key Bitcoin Levels to Watch — July 20

Bitcoin continues to suffer bearish attacks as it posts a sustained drop below the $31,000 pivot line and has temporarily bottomed at $29.300. If the primary cryptocurrency stands its ground above the $29,500 support over the coming hours, we could see a retest of the $30,000 resistance followed by a recovery above the $31,000 pivot line.

BTCUSD – Hourly Chart

However, the chances of a bullish recovery over the coming hours are very slim as bears have their eyes on the $27,000 – $26,000 axis.

Meanwhile, our resistance levels are at $30,000, $30,500, and $31,000, and our key support levels are at $29,300, $29,000, and $28,000.

Total Market Capitalization: $1.19 trillion

Bitcoin Market Capitalization: $555.6 billion

Bitcoin Dominance: 46.6 %

Market Rank: #1

 

You can purchase crypto coins here: Buy Tokens

Join Our Free Telegram Group

We send 3 VIP signals a week in our free Telegram group, each signal comes with a full
technical analysis on why we are taking the trade and how to place it through your broker.

Get a taste of what the VIP group is like by joining now for FREE!

Join Our Telegram