Why Bitcoin’s Fall Under $48K Could Open the Way to $41K or $30K




Crypto has been under a bearish market for a few weeks now. While investors are accumulating losses there might be some hope at the end of the tunnel.

Read on to find more!

In the last 24 hours, the crypto market has lost 4.2 percent of its value and now stands at $2.27 trillion. Capitalization has decreased by 23% from peak levels achieved a month ago, indicating the commencement of a bear market for the sector, at least similar to the one seen in April-July.

The cryptocurrency fear and greed index fell from 29 to 24, indicating a shift into acute fear.

Altcoins, alarmingly, dragged down the overall capitalization this time. The first cryptocurrency fell almost 3% on the day, returning to $48.3, where the 200-day moving average runs and re-entering the oversold zone.

The 200-day average for Bitcoin is expected to be a crucial short-term indication for the market. A reversal above that line would show that bullish mood has prevailed, implying that additional attempts to soar above $50K or $60K this month are likely.

A significant drop would formally pave the stage for a deeper collapse to $41,000 or even $30,000.

Over the last 24 hours, ETHUSD has lost 6% and is dangerously near to the psychologically critical $4000 mark. The first altcoin has been driven away from the 50-day moving average by the latest downward momentum, and a further correction could be on the way.

Ether had been in a positive upswing since the end of September, but it had now broken down.

Conclusion

The coin’s losses yesterday and this morning pushed it back to the bottom of the consolidation zone, and a break below $4000 would signal the start of a downtrend with a potential goal of $3300 or perhaps $2700.

Bitcoin’s market share has begun to climb once more, reaching 40.3 percent. We perceive this rise amid a sinking market as another indicator of crypto market concern.

Read More: This Week In XR: Meta Opens Horizon Worlds, Epic’s Metaverse City Coming To Unreal Engine 5




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