Bitcoin bears seem to have got a hold over the world’s largest cryptocurrency in terms of market cap as the price value of the coin has once again suffered a severe crash. In this price crash, the leading digital currency has lost nearly $900 in price value within the duration of just a few hours. Meanwhile, the overall cryptocurrency market cap has also plunged down.
Bitcoin Price is now trading bearish
Since the start of the 9th of December, the bullish behavior of the top-ranked cryptocurrency started turning bearish. It was not a good day for Bitcoin (BTC). After facing a price crash of around $900 within the time period of only a few hours, the price value of the coin has entered into the bearish zone. It has moved down to trade in the range of $18,300.
Bitcoin has been struggling to hold above the key support level of $19,000. However, it started losing control over this support level since the beginning of Dec 8. And now, the price value of the coin has completely lost its control over this price mark. At the press time, the coin’s price is standing at around $18,340 with a negative change rate of -2.84 percent in the last 24 hours.
This shows that the current behavior of the coin is bearish at the moment in the cryptocurrency market. With the price crash of Bitcoin, the rest of the cryptocurrency market has also turned bearish. For instance, the top two altcoins in the market Ethereum (ETH) and XRP are trading down by 1.65 percent and 5.95 percent in the last 24 hours. Both of these famous cryptocurrencies have lost their crucial support levels. These digital coins are expected to show bullish behavior once the largest digital currency regains its positive momentum.
In the short-term case scenario, Bitcoin is aiming at breaking the resistance of $18,500.
The entire cryptocurrency market capitalization lost nearly $35 billion
This price crash has also affected the market capitalization of the flagship cryptocurrency. Bitcoin’s market has decreased down to $341 billion after facing a loss of around $19 billion within no time.
Due to this, the overall crypto market cap has also been affected badly and has gone through a loss of more than $35 billion. As per the data from CoinMarketCap, the total crypto market is standing at around $544 billion at the moment.