Bitcoin (BTC) experienced some ranging movements around $60k level and lost bullish momentum which led to a pull back to $55k level. If the current support level doesn’t hold, BTC will be sliding down to the next support at $52k level.
Fundamental analysts believe that the massive sell off is as a result of China’s recent crackdown on crypto. Few days ago, the global crypto market capitalization was over $3 trillion but as at the time of this writing, over 500 billion has been taken out from the crypto market. The dump is quite heavy.
From the BTC chart, we see that BTC currently has over 43 percent of the market share. This could go down some more.
Meanwhile, many altcoins are bleeding including ETH, BNB, and SOL which dumped by -9.3%, -11.42 and -8.8% respectively in 7 days. But some Metaverse projects like $MANA, $SAND, and $BLOK are making very strong moves in the upward direction with increase by +46.8%, 68.2%, and 48.9% respectively at some point. In 7 days however, MANA, $SAND, and $BLOK has done +22.3%, +87.2%, and +19.2% respectively.
The crypto asset buyer should remember as the saying goes, “be greedy when others are fearful and be fearful when others are greedy”. This is another opportunity to add to holdings of coins with good foundation by using Dollar-cost averaging (DCA). Very importantly, leverage traders should apply due diligence before entering trade.
I love this “be greedy when others are fearful and be fearful when others are greedy”.