This weekend, the crypto market recorded an overall correction. Bitcoin dropped to $ 9720, while altcoin fell 10-15% during Sunday
On Saturday, the market reached a total capitalization of $ 308 billion, before a rapid decline of $ 18 billion. At present, the total valuation has dropped to $ 278.5 billion.
Bitcoin’s price dropped sharply on Saturday, plunging to $ 9,800 in support, according to Tradingview.com. Although there was an attempt to recover, the BTC continued to fall to $ 9720 on Sunday. Currently, the most popular cryptocurrency is trading at around $ 9800.
Trader and analyst Josh Rager a mentioned that there is nothing wrong with prices falling slightly in the coming period.
“Stay encouraged in any withdrawal. After a few weeks of green, a few weeks of falling stock prices would be good. Many have sought the opportunity to buy and this correction could present ample opportunities. ”
Other analysts remain optimistic, stating that this was just a wave, and the markets are still very strong.
“All the signs show how strong this market is and how strong BTC and ALTS are.
Anyone who says they see weakness sees only a mirage in their head. ”
Since its peak for 2020 since the end of last week, Bitcoin has lost about 4.5% to reach current levels. The two resistance zones are at $ 9,750 and around $ 9,300.
Altcoins were, as usual, much more affected by the correction. Most saw declines between 10 and 15%. For example, Ethereum, which grew 120% this year, fell below $ 250.
CME may be the main reason for the weekend price correction of Bitcoin. Traders point out that CME is a large part of the daily trading volume of the global bitcoin market. This could be the reason for the increased volatility during the weekends on the cryptocurrency market.
The 8% drop in Saturday’s BTC price occurred almost immediately after closing the CME before the weekend.
It remains to be seen what effect the reopening of the derivatives market will have on cryptocurrency prices
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