Market corrections are healthy and necessary after a long period of growth. This morning, Bitcoin was trading above $ 10, but the pullback potential is growing as altcoins begin to blush.
Crypto markets reached a peak total capitalization of $ 308 billion yesterday, before a rapid drop led to an outflow of $ 18 billion. In early Asian trading, a very small recovery followed to $ 295 billion, but a more significant correction is currently expected.
BITCOIN CORRECTION BELOW $ 10
Bitcoin prices fell sharply at the end of trading on Saturday, falling to a support level of $ 9, according to Tradingview.com . Since then, BTC has returned to five-digit values, but this is true, further losses are expected, as the asset cools down after several weeks of upward movement.
Trader and analyst Josh Rager noted that there is nothing wrong with a couple of weeks lowering the price, which is useful for the markets.
“Many were looking for an opportunity to buy, and this could provide ample opportunity”
Stay encouraged with any pullbacks
After multiple weeks of green, a couple of weeks of downward price action would be fine
Many were looking for the opportunity to buy and this could present ample opportunities
- Josh Rager 📈 (@Josh_Rager) February 15, 2020
Since its peak in 2020, at the end of last week, Bitcoin has lost about 4,5% to its current level. The two support areas below it are at $ 9 and about $ 750. Buyers cannot start buying again until BTC falls in the $ 9k range.
Others are still optimistic, stating that this was hardly possible, and the markets are still very strong.
“All indications of how strong this market is and how strong $ BTC & ALTS is. Anyone who says they see weakness just sees a mirage in their head. "
Alts barely flinched during the $ BTC dump.
In fact, it was barely a dump and there was barely a dip to buy.
All signs of how strong this market is and how strong $ BTC & ALTS are.
Anyone who says they see weakness is just seeing a mirage in their head.
- Satoshi Flipper (@SatoshiFlipper) February 15, 2020
ALTKOIN CORRECTION
However, today altcoins are starting to accelerate losses, and for some of them double-digit reds are used.
Ethereum, which grew 120% this year, needs to be corrected as it returns to support at $ 270. Losses are currently relatively small: only 3% fell, so ETH has not fallen so far.
XRP Ripple fell 6% over the night, while Bitcoin Cash returned 7% to $ 450. BSV fell more than 10% in a day, but still remains one of the most successful altcoins of the year.
Other cryptocurrencies that are currently being heavily adjusted include EOS with a 9% drop, a Stellar drop of 6%, and Ethereum Classic retreat of 12% in the last 24 hours. The two exchange tokens HT and OKB again show a trend and show profit at the moment.
Cryptocurrency rollback is good, as the price does not move in a straight line. Now the test will be how quickly the bulls can regain their composure.
How far will Bitcoin fall? Add your price forecasts below.