As Bitcoin (BTC) closes out the week and moves towards the end of October, looks like the grip of the Bears is getting strenthened.
Today the cryptocurrency market saw complete red when nine out of the top ten cryptocurrencies saw its prices fall at an unprecedented rate. The technical analysis given by several analysts had predicted a sideways movement with bearish drops, but it looks like the bear had other plans by bringing down prices even more than expected.
Popular cryptocurrencies, including Bitcoin [BTC], Ethereum [ETH] and XRP were all seen in red. Bitcoin closed at $6,345 while its daily trading volume rose to $4 billion. Other top cryptocurrencies were down by 2 to 6 percent. In less than 2 hours over $6 billion has been lost from the market.
The price settled below the 100 simple moving average (2-hours). Besides, there was a break below a crucial bullish trend line with support at $6,395 on the 2-hours chart.
The price dipped sharply below the 61.8% Fib retracement level. It traded close to the $6,250 support area and is currently recovering.
The second-largest cryptocurrency’s fall comes in the wake of news that revealed that Ethereum will be supported by the Hyperledger Fabric. XRP, which has been playing catch-up with Ethereum in terms of market cap, has fallen by a massive 3.95%. The bearish crash has increased the disparity between XRP and Ethereum to $2.9 billion.
The biggest loser in the top ten cryptocurrency club was the Charlie Lee founded Litecoin [LTC], which fell by an astounding 5.95%.
Litecoin’s fall comes on the back of several analysis pointing out that LTC had broken its price support multiple times over the past few months. At the time of writing, Litecoin was trading for $48.82 with a market cap of $2.88 billion.
All of this is happening ahead of the awaited Bakkt futures launch in December which settles with llish fundamentals for on ramps and bearish fundamental indicators.
What Bakkt will do to price remains to be seen but its not beyond the realms of possibility that some participants are awaiting this product to enter the market.
When will the real volatility come? What will be the spark that reignites the crypto market? Let us know your thoughts in the comments below.