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In recent days, the Bitcoin and crypto market has enjoyed traces of bullish performances. Most crypto assets were in the green, with some recoveries in their values. But the climb to the north has died out since yesterday.
EthereumPoW (ETHW) value crumbled by a whopping 11%. The Altcoins are not lagging in the new bearish trend. Most have moved south as they push the crypto market into the red. Despite several attempts, Bitcoin has again failed to reach the critical level of $20,000.
Drastic Crumbling for ETHW and LUNC
In the last few days, there has been a sudden drop in the latest uptrend within the crypto market. Most crypto assets lose the previously recovered values.
Before the bearish trend, Ethereum gained up to 5% in its value and the price of ETH rocketed to nearly $1,350. However, last day’s price drop has brought ETH to $1,288.
EthereumPoW (ETHW) has suffered one of its worst losses at around 11%. Terra Classic (LUNC) also fell by about 7.5%.
Small profit crypto assets are Uniswap, Tron and Leo. Losers of the large-cap altcoins are Ripple and Cardano, which are down more than 3%. Others include Solana, Polygon, Polkadot, Binance Coin, Shiba Inu, and Dogecoin.
Bitcoin Blocks Before the $20K Level
Last week, Bitcoin was in a price swing with little or no control over its movement. The primary crypto asset even moved into the $18K region after several attempts to anchor the price at $20K. The publication of the US jobs report caused an impact that took BTC to $18,200
However, changes started to occur with increasing volatility in the crypto market. The leading cryptocurrency made more gains from the start of this week. The token movement stopped relatively in the early hours of Monday, but later picked the same. As a result, the price of Bitcoin rose again towards the $19,000 region and gradually held its grip on the level.
BTC hit $19,700 later this week. Also keep looking for a more bullish push that could take it to the coveted $20K. However, the situation in the entire crypto market has suddenly turned in a downward direction. As a result, Bitcoin was unable to continue with a further move towards the $20K level.
At the time of publication, BTC is trading at around $19,092, indicating a decline in the past 24 hours. Also, the market cap is currently $366.91 billion, and the dominance over altcoins stands at 39.88%.
Based on data from the on-chain analysis, there have been several suggestions for further pain in the future for BTC. The belief is that Bitcoin shows a similar trading trend as the bear market of 2018.
Featured Image From Pixabay, Charts From Tradingview
