After a while, Bitcoin neared the $32,000 mark as the market began to collapse. However, the cryptocurrency failed to maintain above $30,000.
BTC was retested at $31,700 by nine weekly red candles on June 6, and fell sharply to $29,000 within 24 hours. Fortunately, BTC’s price is rising again and currently trading above $31,000. Altcoins are also affected by the fall in the newly emerging coin, with BNB, AVAX and SOL all seeing significant drops.
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Investors were making profits in the face of a persistent bearish trend, as evidenced by continued price falls that nearly saw the asset drop more than 6%.
The Bitcoin bulls drove the BTC price up to $32,000 from $30,000. BTC lost around $29,000 on the following day, just a day after it reached the new record high.
After a steady uptrend over the previous few days, BTC’s value began to decline on June 07 due to a decrease in price. However, in the previous weekly green candle, BTC’s price remained above and beneath $30,000.
When the most recent downtrend started, Bitcoin’s value bounced below $32,000. It fell to $3,000 in less than 24 hours, just as investors expected another uptrend. Investors began liquidating their assets which caused the price drop to $29,000 Source: BTC/USD price chart from TradingView.com
Bitcoin Is Bullish Again?
At the time of writing this news, BTC’s price has been fastly retaking its position above the $31,000 level again. The previous sharp drop that came yesterday resulted in BTC’s market cap reaching $565 billion, but the cryptocurrency still had more than 46% dominance over altcoins.
Altcoins were also successful in the market even though the Bitcoin price fell aggressively. Ethereum (ETH) was the second most valuable coin according to market capital and saw substantial gains. Its value reached $1,900.
It has been able to benefit from booms in Bitcoin prices and fluctuates at $1,850. However, its current value is down more than 8%.
BNB, facing the U.S. Securities and Exchange Commission (SEC) investigation over the platform’s possible illegal sale of an unregistered security when it launched its initial coin offering (ICO). BNB lost 9% of its value following the BTC drop, bringing the BNB’s value under $300.
Similar drops were followed by Polkadot and Solana as well as Cardano and Avalanche. Ripple and Tron were among the other cryptos to go bust with higher cap-alts. Aave and THORChain were two of the more prominent digital assets to suffer losses.
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Final results show that the crypto market cap fell by $80 billion within a single day to reach $1.2 trillion. Bitcoin was positively correlated with equity. Nasdaq futures fell 0.95%, while Bitcoin dropped to $29,000 from $31,700.
Featured image by Pixabay, chart from TradingView.com