Over the past few days, Bitcoin and crypto market has been enjoying traces of bullish appearances. Most crypto assets have been in the green, with some reclaims in their values. But the northward climb has just died out as of yesterday.
EthereumPoW (ETHW) value crumbled by a whopping 11%. The Altcoins are not left in the new bearish trend. Most have taken to the south as they push the crypto market into the red. Despite several attempts, Bitcoin has again failed to hit its critical level of $20,000.
Drastic Crumbling For ETHW And LUNC
Over the last few days, there’s been a sudden cut in the latest uptrend within the crypto market. Most of the crypto assets are losing the previous reclaimed values.
Before the bearish trend, Ethereum reclaimed up to 5% in its value shooting the price of ETH to nearly $1,350. However, the past day’s price decline has brought ETH to $1,288.
EthereumPoW (ETHW) has suffered one of the worse losses of about 11%. Also, Terra Classic (LUNC) declined by about 7.5%.
Crypto assets with minor gains include Uniswap, Tron, and Leo. Losers from the large-cap altcoins include Ripple and Cardano, with over a 3% drop. Others are Solana, Polygon, Polkadot, Binance Coin, Shiba Inu, and Dogecoin.
Bitcoin Stalls Before The $20K level
Last week, Bitcoin was on a price swing with little or no control over its movement. The primary crypto asset even went down to the $18K region after several attempts to anchor its price on $20K. The release of the US job report created an impact taking BTC to $18,200
However, changes started to occur with increasing volatility in the crypto market. The leading cryptocurrency made more surges from the start of this week. The token movement stalled relatively in the early hour of Monday but later picked the same. As a result, the price of Bitcoin rose again to the $19,000 region and gradually maintained its hold on the level.
BTC later hit $19,700 this week. Also, kept looking for a more bullish push that could take it to the coveted $20K. However, the situation in the entire crypto market has suddenly twisted in a downward direction. As a result, Bitcoin couldn’t push through with a further move to the $20K level.
At the time of press, BTC is trading at around $19,092, indicating a drop over the past 24 hours. Also, its market cap is currently at $366.91 billion, and its dominance over altcoins sits at 39.88%.
Based on data from the on-chain analysis, there have been several suggestions for further pain in the future for BTC. The belief is that Bitcoin displays a similar trading trend to the 2018 bear market.
Featured Image From Pixabay, Charts From Tradingview