Price Analysis

Top Cryptos Correcting Heavily, What Went Wrong all at once?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Aug 9, 2022

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Article Highlights
  • Bitcoin And the other top cryptos after facing a notable rejection are undergoing a tremendous bearish pressure

  • The possibility of the price correcting by 5% to 6% appears pretty feasible by the end of the day’s trade

After a bumpy ride, most of the crypto assets faced a significant rejection and finally dropped hard to hit the lower support. While the Bitcoin price faced rejection at $24,200, the Ethereum price also dropped after trading above $1800 for some time. Presently, the bears are gaining dominance slowly and hence the day’s close is expected to be pretty bearish. 

While Bitcoin was on its way to securing levels close to $25,000, a notable drop hampered the price rally. The global market capitalization had surged beyond $1.13 trillion slashed hard by 2.31% at the press time reaching levels around $1.11 trillion. Therefore, what led to the trend reversal?

A popular analyst believes the BTC price may drop close to $23,000 before breaking out beyond $27,999

The analyst believes the FUD around the upcoming CPI data tomorrow and the constant rejections at the same resistance at $24.300 could be the main reason for the current market dop. Therefore, a retest of the levels around $23,000 is quite possible before the BTC price ranges back above $28,000. 

On the other hand, no specific long liquidations are been recorded which could have impacted the Bitcoin(BTC) price negatively. However, all eyes are currently on the incoming CPI data tomorrow that is expected to offer a notable boost to the asset. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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