HomeTradingBitcoin: the price of BTC slides

Bitcoin: the price of BTC slides

Negative day for the cryptocurrency industry. The price of Bitcoin slides, as a consequence of a bearish trend that started in the late afternoon of yesterday: in a few minutes, Bitcoin lost $300, returning to test the critical medium-term supports. Bitcoin thus lost 2/3 of the rise that had characterised the last days of October.

Source: COIN360.com

The downward trend of Bitcoin is dragging the whole sector as usual. BTC has lost 3.5% since yesterday. 

Ethereum and Ripple are also reporting losses, with XRP losing 4%. More severe is the loss of Bitcoin Cash, recording a -8%. Declines over 4% for the other big ones, such as Litecoin (LTC) and EOS, which lose 5%. And so the trend begins to falter. 

Yesterday’s day saw MakerDAO go from single-collateral to multi-collateral. It’s an event that’s changing the face of this token and aspects of DeFi. Despite this big change, Maker is now losing more than 3%, falling back to $633 from the highs recorded in recent days above $655. 

Basic Attention Token (BAT) is also retreating, involved in the crucial step of multi-asset collateralisation, alongside Ethereum. 

BAT, after the weekend increase with prices reaching 30 cents, with the decrease of the last 48 hours, sees prices return under the resistance of 26 cents of a dollar, violated last Sunday. This is a non-optimistic signal for BAT, but it is to be assessed whether it will hold up in the coming days in the 25 cents area.

The falls of the last few hours negatively affect the weekly balances when taking the levels of last Tuesday as a reference. On a daily and weekly basis, in order to find the first crypto with a positive sign, it is necessary to go down beyond the 25th position. 

On a weekly basis, Crypto.com climbs 10%. Same intensity for VeChain (VET) and BAT, which gain 7%. On a daily basis, the only notable increase today is Lisk (LSK), which rises just over 3.2%. 

On the other hand, the deepest drop is that of Educare (EKT), which loses 13%. After the increases of the last few days, Chiliz is retreating by 10%.

The market cap fell sharply to $225 billion, with the dominance of Bitcoin remaining stable at 66%. Ethereum remains stable at yesterday’s levels at 8.6%, while Ripple stays just below 5% of the market share, despite XRP continues to see prices slide.

Bitcoin chart by Tradingview

Bitcoin (BTC) slide

Bitcoin continues to slide slowly, losing ground due to lack of new demand, with prices now at a pace of $8,100, the last bastion of medium-term support. 

In the event of a failure to hold, Bitcoin risks a sinking down to 7,800 dollars. For Bitcoin, it is necessary to recover strength to give a signal of reversal of this bearish trend started after the strong rally recorded between the 25th and 26th of October. This slow agony made Bitcoin lose about 2/3 of that rally.

Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum for about two weeks has fluctuated around 185 dollars. In these hours it is testing the 175 dollars, the lowest levels since last October. 

If this level were not maintained, Ethereum would open up the possibility of prices revising 155 dollars, the lowest levels of the last six months. 

Federico Izzi
Federico Izzi
Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".