The crypto economy has been losing value this week and over the past 24 hours, it has lost 2.5% to $ 2.3 trillion. The leading cryptoasset bitcoin has slid 4.8% over the past seven days and ethereum is down 11.7% last week. The downward spiral has cryptocurrency advocates questioning whether or not the bull run is over and the bear market has begun.
Bears continue to grip the crypto economy down
Following all-time price highs on November 10, the crypto economy has lost an enormous amount of value and continues to decline every few days. After hitting $ 69K per unit on November 10, bitcoin (BTC) managed to stay above the $ 60K zone for six days afterwards, and for just over two weeks, BTC managed to stay above the $ 50K region. After sliding below $ 50K on December 4, on the same day it hit a low of $ 43,972 per unit, but managed to jump above the $ 47K zone.
Still, bitcoin (BTC) it trades 149% higher than on this day last year. However, monthly statistics show that Bitcoin is down 26.1% and more than 30% from the all-time high. The second leading crypto asset, ethereal (ETH), is down 11.7% this week and the 30-day stats show ETH it has lost 17.5%. Similarly, ether is still up to date so far this year as the price per ETH it is more than 550% higher than at this time last year. The crypto asset is below the $ 4K zone and is currently changing hands for $ 3,845 for ether.
Bitcoin Falls Below 200-Day SMA, Analyst Suggests Further Drops Ahead
Speaking with Alex Kuptsikevich, a senior market analyst at Fxpro, Kuptsikevich told Bitcoin.com News that the cryptocurrency market "came under impressive pressure on Monday afternoon." In addition, the Index of greed and fear of cryptocurrencies it returned to extreme fear territory from a score of 28 to 21. "The new wave of triggering pressure is not easy to identify, but it intensified and widened after the two largest cryptocurrencies gave up their key positions," Kuptsikevich said.
โBitcoin has fallen below its 200-day average, trading below $ 47K at the time of writing. Excluding the intraday drop on December 6, these are the lowest values โโsince the beginning of October, and bitcoin has lost a third of its value from its highs just over a month ago, "added the analyst. โOverall, the 69k highs were the starting point for pressure on BTCUSD. Should the decline unfold, it is worth paying more attention to the 40k and 30k levels, significant levels at which Bitcoin had previously turned higher. "
Fxpro's senior market analyst continued:
The entire crypto sphere is in a bear market. Its total capitalization is already more than 30% lower than its peaks, and attempts to consolidate beyond critical levels have failed. Last summer, investor interest in cryptocurrencies returned after the capitalization fell by more than half. This suggests the possibility of a further 30% decline from current levels.
Huobi Group Co-Founder: 'Bitcoin Needs To Break Down Trend Line'
Speaking with Du Jun, co-founder of Huobi Group, the analyst said BTC It has started to stabilize after the drop, focusing on the $ 47,000 support.
"According to data from Huobi Global, BTC it maintained a sideways swing at noon, with the upper edge of the swing range at $ 47,500 and the lower edge at $ 46,200, โDu Jun told Bitcoin.com News. "From the 4-hour level K-line chart, the price started to stabilize after last night's decline, and the pivot of the current swing is near the December 11 low, which can be seen as a test of the short. term. support level ".
The Huobi Group co-founder concluded:
On a daily level, today is a slightly longer solid negative crossover, with a clear downward trend at price lows. The price is currently weak, stabilizing 47,000 can only make the downtrend temporary, to counterattack it is also necessary to break the downtrend line and 50,800 block.
What do you think about Kuptsikevich's assessment of the cryptoeconomy and saying that the sphere is in a bear market? Do you think the crypto economy is in a bear market? Let us know what you think on this topic in the comment section below.
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