Bears Sharpen Their Claw, Pulls Down BTC Below $7k. Altcoins Bleeding Heavily


The crypto market is quickly going south in the last few hours this Wednesday morning.  The red is spreading hard and the market cap has dipped back to $231 Billion after almost reaching $240 Billion. The 24-hour volume is still at $13 Billion, a leftover from this morning’s steady market in the Asian hours. The Bitcoin (BTC() dominance is also rising and there is another rising panic in the Altcoin Boards.

After holding the fort at $7300, Bitcoin price gave way to a sudden bear attack and is now tethering at $7000. It’s a 1 long red candle on the 4-hour charts as we speak. Earlier, it crossed the $7325 support and seemed to be holding court fine. It even went as high as $7400. The resistance has turned support and the volume is supporting the movement at $4.7 Billion. However, the bears have sharpened their claws once again and are now pushing the price below $7k. Currently, it is at $6989 and has lost -3.77%. It has broken several resistances at $7325, $7300 and $7290. This price level is below last weeks level before the price took off last weekend. The next support would now be back at $6800. 

Ethereum is once again becoming a doormat and being pushed further below. Currently, it has lost -10.26% and now at $255, back to its lowest since the August drop. This is a new yearly low and the Ethereum is being battered heavily. It kept pushing higher and higher to overcome its $300 resistance but kept failing and falling lower.

The Top 10 altcoins are in deep red and some are suffering more heavily than others. Bitcoin Cash has dropped back to $565.84 at -10.25% loss. EOS is now back at $5.83 level after battling it out above $6 for the past 2 weeks. XRP, Monero, and Cardano are all at a heavy 9% loss. The only green at the moment on the Top 10 crypto is Tether which, as we all know, is the safe place to be when crypto hits south.

The Top 25 has Bitcoin Diamond pumping at 145.56%. It jumped to 3.23 on the day possibly due to Binance reopening its deposit and withdrawal. There are also some announcements on new partnerships which might have helped push the coin to its current price. Still, that is the only green in sight and the smell of blood is also attracting the bears. There are several double-digit losers being led by IOTA at -11.98% with the price at $0.63. NEM, which is up this morning by more than 3% has sunk low at -11.16% at trading at $26,01. VeChain, hardly moving with a minimal loss this morning is now at -11.14% loss. Finally, Ethereum Classic completes our double-digit losers at -10.57%. While the rest have defended themselves against the sudden drop, they are also in deep red with mostly above 5% loss on the day.

The Top 100 altcoins are following the leader and almost all have fallen quickly alongside BTC -but harder. Holo, has fallen -23.32% today. Bitcoin Dark, which has had a good day yesterday, is now at -22.92%. Wanchain lost -16.40% and DigixDAO is at -15.12%. Below this level is a lot of altcoins struggling to keep their balance and not lose more than they already have. Unfortunately, most are at double-digit losses already between 10-15%. The ones below 10% are already considered lucky in this sudden turn of events. On the bright side, there are two coins fighting it out with the bears today. Dropil is now at 12.69% and changing hands at $431. MOAC, which has been down lately is at 1.43%, a minimal gain but a hundred times better than the losing altcoins today.

Yesterday, we mentioned that the market is waiting for a movement. Do you think this is finally it and that this is the last defense that will finally take the market to the bottom? Leave a comment!

This market recap post first appeared at CoinDNA: Bears Sharpen Their Claw, Pulls Down BTC Below $7k. Altcoins Bleeding Heavily. Click the link to subscribe and get the daily recap on your Inbox!

CoinDNA is an educational website that aids users in research, the first step of their investment journey, providing insights to help navigate investment decisions, including market data for individual tokens, a daily market report, and custom frequently-asked analytics.