Bloodbath Alert: Bitcoin (BTC) Gives a Weekly Close Below 100-DMA for the First Time In Four Years

Read Time:1 Minute

-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.

Bitcoin Crash Pyth Network Bloodbath Alert: Bitcoin (BTC) Gives a Weekly Close Below 100-DMA for the First Time In Four Years
Bloodbath Alert: Bitcoin (BTC) Gives a Weekly Close Below 100-DMA for the First Time In Four Years 2

Leave a Reply