With the opening of U.S. markets, the decline in cryptocurrency values has accelerated significantly. This has not bode well for altcoins, which have seen losses exceeding 10%. Despite this downturn, the price surge above $91,500 has sparked excitement among traders regarding a possible recovery. However, experts are questioning whether the decline has truly come to an end.
Bitcoin (BTC) Experiences Setbacks
BTC price was at $91,750 at the time of this writing, while most altcoins, except for XRP Coin, continued to face losses over 5%. In a recent market assessment, Bob Loukas addressed the current status of the leading cryptocurrency, stating that sentiment is declining, although there are still permabulls proclaiming, “now is the time to buy.”
Bitcoin
Bitcoin has created a Failed Daily Cycle on the 14th day. This indicates early control by bears, having broken through some weekly supports and not being in oversold conditions. The analysis suggests a potential move down towards $80,500 could occur, representing a 50% Fibonacci retracement. Despite this, a move above $99,900 would be viewed positively.
While the analyst remains uncertain about the decline scenario, they predict long-term upward movement despite a negative intermediate stance. Jelle noted the importance of the daily close, emphasizing that if BTC can close above $92,500, a recovery might accelerate.
Cryptocurrency Decline Might Be Over
Another analyst, Moustache, examined the total market capitalization of cryptocurrencies and noted that the 2021 ATH levels are being tested. The substantial losses in altcoins could signal the beginning of a rebound towards a larger peak due to the testing of previous highs.
