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Crypto market on its last legs as BTC tumbles, but wait, there’s more - Faicy

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Crypto market on its last legs as BTC tumbles, but wait, there’s more

  • Bitcoin, Ethereum, Dogecoin, Cardano and other altcoins are down more than 5% in the past week.
  • The daily exchange volume has declined from $100 billion to $57 billion in roughly three weeks.
  • Bitcoin’s sell signals are forecasting a steep correction, which could add fuel to the fire.

Bitcoin’s (BTC) descent has caused the crypto market to take a beating. Altcoins’ prices, specifically, are facing the weight of selling pressure and are down by double-digits in the past 24-hours. This trend is likely to continue unless BTC finds a stable ground to bounce. 

Also read: US Dollar strength could be one of the reasons why Bitcoin could crash more

Crypto markets turn bleak

A quick look at the top cryptocurrencies on CoinGecko shows that their returns in the past day and week are in red. Bitcoin, Ethereum (ETH), Ripple (XRP) prices are down nearly 5% to 7%. Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX) prices, however, are drowning in red with doble-digit losses in the past day. 

Crypto performance

Crypto performance

This outlook signifies that the bull market sentiment is dying down, or at least taking a break. According to TheBlock’s data, the 7-day average of the daily exchange volume shows that it has dropped nearly 43% from $100 billion on March 10 to $57 billion on Thursday. 

Crypto daily exchange volume 7-day average

Crypto daily exchange volume 7-day average

Bitcoin signals a descent

Bitcoin’s sell signal – as outlined in FXStreet’s previous publications – has been confirmed, which forecasts a potential correction. Additionally, BTC’s inability to produce a weekly candlestick close above the previous all-time high of $69,138 suggests that a short-term downtrend is on the cards. 

Also read: Bitcoin Weekly Forecast: BTC looks set for correction amid increasing sell signals

Further reading on a potential Bitcoin price correction:

  • Comparison of monthly and weekly BTC price action to determine potential buy-the-dip levels – Read more.
  • Bitcoin’s dead cat bounce scenario – Read more.
  • Bitcoin’s potential rally to $75,000 or $80,000 – Read more.

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