Image default
Blockchain

Bitcoin Experiences Worst Selloff since May as BTC Trades below 200-Day Moving Average

Despite holding above the psychological price of $50K over the Christmas weekend, Bitcoin (BTC) experienced important liquidation that drove the price downwards to the $47K stage. 

As a consequence, Bitcoin has been buying and selling below the 200-day shifting common (MA), which usually signifies a market pattern as a result of it exhibits a mean of roughly 40 weeks of buying and selling. 

The bearish momentum within the BTC market was doubtless accelerated as greater than 165,000 merchants liquidated their accounts on December 28, in line with crypto buying and selling platform Coinglass.

Raoul Pal, the Real Vision CEO, attributed the plunge in Bitcoin price to profit-taking tendencies by establishments as the yr edges to a detailed. He added that they had been liquidating their BTC investments to lock in earnings. 

The selloff noticed greater than $80 billion wiped off from the crypto market as market capitalization dropped by at the least 3% on December 28, in line with CoinMarketCap.

Furthermore, Bitcoin’s dominance plunged to 40%, nearing historic lows of 36.7% recorded in January 2018. This pattern could possibly be linked to some traders eyeing the altcoin season.

In May, Bitcoin shed off greater than half of its worth and hit lows of $30K from the then all-time excessive of $64.8K, on condition that China stamped its authority that crypto mining was unwelcome on its soil.

Nevertheless, Santiment lately acknowledged that each one was not misplaced as a result of Bitcoin was nonetheless in a semi-bullish space as a result of circulation was regular. 

The flagship cryptocurrency has been ranging between the $47K and $51K space since it gained momentum after slipping to lows of $42,000 on December 4.

For the fireplace to be rekindled, market analyst Will Clemente had beforehand opined that Bitcoin needed to reclaim the $53,000 stage.

Image supply: Shutterstock

Related posts

BTC, ETH Gain Ground & The Top 5 Metaverse Movers to Watch

Crypto Advisor

Polygon Raises $450M from Venture Capital Firms Led by Sequoia

Crypto Advisor

Can Ethereum’s First Mover Advantage Solidify the Smart Contract Space Dominance? – Blockchain News, Opinion, TV and Jobs

Crypto Advisor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

bitcoin
Bitcoin (BTC) $ 18,937.46 3.01%
ethereum
Ethereum (ETH) $ 1,329.56 2.95%
tether
Tether (USDT) $ 1.00 0.07%
usd-coin
USD Coin (USDC) $ 1.00 0.14%
bnb
BNB (BNB) $ 267.27 1.52%
binance-usd
Binance USD (BUSD) $ 1.00 0.13%
cardano
Cardano (ADA) $ 0.444894 1.67%
xrp
XRP (XRP) $ 0.410246 6.50%
polkadot
Polkadot (DOT) $ 6.31 0.99%
solana
Solana (SOL) $ 31.66 3.25%
shiba-inu
Shiba Inu (SHIB) $ 0.000011 3.13%
dogecoin
Dogecoin (DOGE) $ 0.05892 0.70%
staked-ether
Lido Staked Ether (STETH) $ 1,319.09 2.94%
matic-network
Polygon (MATIC) $ 0.737105 3.73%
tron
TRON (TRX) $ 0.060006 0.53%
dai
Dai (DAI) $ 1.00 0.01%
avalanche-2
Avalanche (AVAX) $ 16.76 2.99%
ethereum-classic
Ethereum Classic (ETC) $ 29.24 3.17%
leo-token
LEO Token (LEO) $ 4.77 2.41%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 18,956.60 2.87%
uniswap
Uniswap (UNI) $ 5.32 3.60%
litecoin
Litecoin (LTC) $ 52.39 0.71%
cosmos
Cosmos Hub (ATOM) $ 14.02 10.58%
okb
OKB (OKB) $ 14.98 1.47%
ftx-token
FTX (FTT) $ 23.45 2.75%
terra-luna
Terra Luna Classic (LUNC) $ 0.0003 1.11%
near
NEAR Protocol (NEAR) $ 3.84 5.63%
chainlink
Chainlink (LINK) $ 6.92 4.94%
crypto-com-chain
Cronos (CRO) $ 0.104602 0.30%
monero
Monero (XMR) $ 142.23 1.39%
stellar
Stellar (XLM) $ 0.117065 5.08%
bitcoin-cash
Bitcoin Cash (BCH) $ 113.20 1.05%
algorand
Algorand (ALGO) $ 0.335554 2.69%
flow
Flow (FLOW) $ 1.69 0.53%
vechain
VeChain (VET) $ 0.022821 0.11%
eos
EOS (EOS) $ 1.33 3.00%
internet-computer
Internet Computer (ICP) $ 5.95 1.18%
filecoin
Filecoin (FIL) $ 5.33 2.65%
chain-2
Chain (XCN) $ 0.064088 2.46%
frax
Frax (FRAX) $ 0.999503 0.11%
hedera-hashgraph
Hedera (HBAR) $ 0.057948 2.44%
decentraland
Decentraland (MANA) $ 0.711666 2.30%
apecoin
ApeCoin (APE) $ 5.83 0.02%
the-sandbox
The Sandbox (SAND) $ 0.851213 0.93%
tezos
Tezos (XTZ) $ 1.47 0.86%
quant-network
Quant (QNT) $ 101.83 5.20%
axie-infinity
Axie Infinity (AXS) $ 12.42 2.36%
aave
Aave (AAVE) $ 74.31 2.60%
lido-dao
Lido DAO (LDO) $ 1.80 1.38%
elrond-erd-2
Elrond (EGLD) $ 47.98 0.05%
theta-token
Theta Network (THETA) $ 1.04 0.93%
true-usd
TrueUSD (TUSD) $ 1.00 0.15%
chiliz
Chiliz (CHZ) $ 0.24325 4.76%
bitcoin-sv
Bitcoin SV (BSV) $ 48.85 1.01%
compound-usd-coin
cUSDC (CUSDC) $ 0.022678 0.02%
paxos-standard
Pax Dollar (USDP) $ 0.999232 0.17%
kucoin-shares
KuCoin (KCS) $ 8.95 1.62%
bittorrent
BitTorrent (BTT) $ 0.00000078412909 2.47%
ecash
eCash (XEC) $ 0.00004 1.38%
the-graph
The Graph (GRT) $ 0.097651 3.65%
iota
IOTA (MIOTA) $ 0.263958 2.02%
zcash
Zcash (ZEC) $ 53.84 2.76%
huobi-btc
Huobi BTC (HBTC) $ 18,915.07 2.81%
usdd
USDD (USDD) $ 0.99898 0.06%
huobi-token
Huobi (HT) $ 4.56 1.78%
evmos
Evmos (EVMOS) $ 2.53 5.68%
havven
Synthetix Network (SNX) $ 2.35 5.83%
cdai
cDAI (CDAI) $ 0.022056 0.15%
maker
Maker (MKR) $ 609.31 2.79%
bitdao
BitDAO (BIT) $ 0.478706 1.14%
klay-token
Klaytn (KLAY) $ 0.199699 0.22%
neutrino
Neutrino USD (USDN) $ 0.933128 3.50%
fantom
Fantom (FTM) $ 0.227942 0.89%
compound-ether
cETH (CETH) $ 26.59 4.11%
neo
NEO (NEO) $ 8.38 0.48%
helium
Helium (HNT) $ 4.91 5.18%
gatechain-token
Gate (GT) $ 4.17 0.93%
defichain
DeFiChain (DFI) $ 0.823158 2.02%
radix
Radix (XRD) $ 0.057096 1.81%
celsius-degree-token
Celsius Network (CEL) $ 1.45 4.95%
pax-gold
PAX Gold (PAXG) $ 1,659.01 0.64%
pancakeswap-token
PancakeSwap (CAKE) $ 4.37 0.50%
thorchain
THORChain (RUNE) $ 1.62 4.13%
osmosis
Osmosis (OSMO) $ 1.25 7.26%
zilliqa
Zilliqa (ZIL) $ 0.032046 0.97%
enjincoin
Enjin Coin (ENJ) $ 0.478704 1.48%
nexo
NEXO (NEXO) $ 0.874764 2.95%
arweave
Arweave (AR) $ 9.58 0.69%