Bloodbath Alert: Bitcoin (BTC) Gives a Weekly Close Below 100-DMA for the First Time In Four Years
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-The price of Bitcoin (BTC) and the broader crypto market witnessed a brutal sell-off over the last weekend, with BTC and the broader crypto market losing nearly 10%.
-In the last three days, the broader crypto market has eroded $250 billion of investors wealth.
-The worlds largest cryptocurrency Bitcoin (BTC) has slipped under $33,500 as of last weeks closing.
-Twitter handle Blockchain Backer says that Bitcoin losing its crucial support of 100-day moving average (DMA) can lead to further sell-off.
-On-chain data provider Santiment further explains that the trader sentiment has dropped to negative levels once again.
-With todays correction, the BTC price is down nearly 30% year-to-date.
-Altcoin Market Sell-Off, LUNA Crash
-Ethereum (ETH) continues to follow Bitcoin closely and the ETH price has now slipped under $2,500 approaching the 2022 low of $2,200.
-Over the last week, Terra faced major price correction with the price of LUNA tanking 20% in a single day amid the major sell-off for its UST stablecoin.
-The concerns of a de-peg featured as the price of UST stablecoin was pushed under $1.0.
-The Luna Foundation is reportedly working on measures to protect the UST peg of Bitcoin.
