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The Current Crypto Market Crash is hitting every crypto preacher hard and Bitcoin and Ethereum are updating their lows with every passing day. Bears have taken over the whole market and due to high uncertainty and fear, the Crypto market and NFTs are suffering the most.
Last updated Jul 27, 2022 at 6:59 PM
Posted Jun 28, 2022 at 4:00 AM
The Crypto market is dropping as never before and so is its market capital. The Crypto market was over $3 trillion for the first time last November last year. That is when Bitcoin was at its peak: $69,000. The overall Marketcap of the Crypto market is now at only one-third, below even the $1 trillion mark.
The current market cap level is the same as January 27, 2021. The total crypto market volume over the last 24 hours is $98.58B, which makes a 0.32% increase. The total volume in DeFi is currently $8.38B, 8.50% of the total crypto market 24-hour volume. The volume of all stable coins is now $84.23B, which is 85.44% of the total crypto market 24-hour volume.
Bitcoin has been extremely bearish, marking new lows every day. The price had been plunging continuously for nine weeks until it showed a green candle. Though it was an encouraging sign for the bulls to finally record some green candles, at least on the daily chart, the trend could not continue and the situation got even worse.
The Bitcoin price today is $21,026.61 with a 24-hour trading volume of $44,707,255,902. Bitcoin is down 0.79% in the last 24 hours. The current CoinMarketCap ranking is #1, with a market cap of $400,956,551,415.
Bitcoin had support at $30,000, $28,000, at $25,000, and then at $23,000; however, the rout led by the bears didn’t bother much about these levels and the price started to plummet as low as $20,000. The support zone near $28,000 was really important as it saved the crypto market crash last year and that’s where we have 200W Moving Average Support. Bitcoin appears unlikely to keep the support of $20,000 and is likely to drop more in the coming days. The next local support on the weekly chart is at $18,000 fib 0.786. All the previous support, on the Bitcoin chart, now has turned into resistance. To turn bullish again, Bitcoin needs to cross the level of the $28,000 mark.
Bitcoin's fear and greed index is touching its lowest since last month. The Extreme fear and index analysis take information and data from ‘Multifactorial Crypto Market Sentiments Analysis’ and social feeds. Though it is a good source to analyze the market situation, it sometimes triggers FUD (Fear, Uncertainty, and Doubt) among crypto holders.
Ethereum is back where it was in January last year, just like Bitcoin. Comparing charts of both Bitcoin and Ethereum on a weekly timeframe, it’s difficult to tell which is which because Ethereum mimics the moves of Bitcoin, more than any other alt. However, Ethereum is down more than Bitcoin when we compare the all-time value and the current price of both crypto coins. Crypto Market Crash also hurts more when Ethereum drops as Ethereum-based ERC-721 protocol NFTs get devalued.
The weekly chart shows that Ethereum is somehow holding the support level of fib 0.786. Ethereum has pretty strong support at $1000, and that’s where institutions might want to get in the trade; therefore, I don’t see a chance for Ethereum to drop below this level. Even if it did, it will be for a moment to liquidate the loose short positions and collect the buy orders. Ethereum has a resistance level of $1,600, just above the 200 weekly Moving Average.
The Relative Strength Index (RSI) of Ethereum has entered an oversold situation as it is still below 30. This signals that new buying hands might enter the market to strengthen the current value or even push it even in the favor of bulls. It seems hard for bulls to turn the market green any time soon, at least not before August, However, the Crypto market is known for its highly volatile.