Home Cryptocurrency Bitcoin Bitcoin wiped out more than 20% in 4-day freefall

Bitcoin wiped out more than 20% in 4-day freefall

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Bitcoin price fell on Sunday, wiping out 8.5% to 10,452 USD. The free fall of the cryptocurrency started on Wednesday after it climbed to 13,102 USD. Since then the Bitcoin lost more than 20% for just a few days and returned in the mid-10,000 USD, searching for support and breaking all the key levels.

Still, despite the minor correction, the bitcoin price is up more than 210% year-to-date as one of the best-performing assets in the global market.

Bitcoin price

For the BTC price outlook over the next fortnight, Sunday’s close is pivotal, as the daily chart displays a symmetrical triangle formation. Over the last 2-weeks, the coin has travelled within the triangle, mostly along the slope of the trendline support while the upside attempts on two occasions faced rejection at the downward sloping trendline resistance. Some analysts consider that if the Bitcoin price fails to recover beyond the mid-10,000 USD region, a pullback to the 9,000 USD region is likely.

However, Bitcoin has a short-term as well as a medium-term bullish outlook. The coin is likely to give huge returns if the holding remains until the end of this year. The marketers are still hopeful that the price momentum will soon change its course. The traders once again draw profits.

The daily trading volume of the Bitcoin fell to 22.898 billion USD.

Crypto market recap

Most of the cryptocurrencies are deep into the red, following the negative performance of the Bitcoin. The total crypto market value fell to 284.550 billion USD.

Ethereum is down by 12.66% against the US dollar and 4.50% against the Bitcoin. Currently, the cryptocurrency is trading at 236.38 USD.

Ripple’s XRP is down by 8.18% against the US dollar but is climbing by 0.4% against the Bitcoin. Currently, the coin is exchanging at 0.3081 USD with a daily trading volume of 1.244 billion USD.

Among other cryptos, the most noticeable decline is registered by Litecoin (-12.43%), Bitcoin Cash (-11.81%) and EOS (-9.72%). The worst performer today is Bitcoin SV, falling by 15.2%.

The investors’sentiment is pretty bad today with all of the main coins trading deep into the red.

BTC/ETH analysis

Looking at the price of Ethereum and Bitcoin for the past 3 months, the charts are reflecting an upsurge in the market.

Exactly 3 months ago, ETH was dealing at 166.76 USD. The 15 days movement recorded a hike of 0.47% as the coin closed on 30th April at 166.77 USD. In Bitcoin, the same period recorded upsurge by 8.74%. The counter changed from 5,255 USD to 5,562 USD in 15 days. May month reflected an upsurge in the price of the coin.

Ethereum escalated from 189.90 USD to 274 USD. The hike in price was of 44.38%. Bitcoin lagged in terms of escalation as the price could only turn the counters by 15.89%. The price jumped from 6,958 USD to 8,063 USD. The rest of the month was the same.

Another major escalation was marked towards the end of June. The price of the ETH changed from 241 USD to 352 USD by 45.90%. Bitcoin recorded a hike by 75.17%. The counters switched from 7,900 USD to 13,838 USD.

July has recorded downfall in the price of the coin. The ETH coin dropped from 299 USD to 265 USD by 10%. Bitcoin, on the other hand, slipped from 11,283 to 11,175 USD by 0.45%.