{"id":15288,"date":"2021-12-14T14:54:11","date_gmt":"2021-12-14T14:54:11","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/market-analyst-says-whole-crypto-sphere-is-in-a-bear-market-as-prices-continue-to-slide-lower\/"},"modified":"2021-12-14T14:54:11","modified_gmt":"2021-12-14T14:54:11","slug":"market-analyst-says-whole-crypto-sphere-is-in-a-bear-market-as-prices-continue-to-slide-lower","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/market-analyst-says-whole-crypto-sphere-is-in-a-bear-market-as-prices-continue-to-slide-lower\/","title":{"rendered":"Market Analyst Says \u2018Whole Crypto Sphere Is in a Bear Market\u2019 as Prices Continue to Slide Lower"},"content":{"rendered":"

The crypto-economy has been sliding in value this week and during the last 24 hours, it has lost 2.5% dropping to $2.3 trillion. The leading crypto asset bitcoin has slid 4.8% during the last seven days and ethereum has dropped 11.7% last week. The downward spiral has cryptocurrency advocates questioning whether or not the bull run is over and if the bear market has begun.<\/strong><\/p>\n

Bears Continue to Claw the Crypto Economy Down<\/h2>\n

Following all-time price highs on November 10, the crypto asset economy has shed an enormous amount of value and continues to sink lower every few days. After reaching $69K per unit on November 10, bitcoin (BTC)<\/a> managed to stay above the $60K zone for six days after, and for just over two weeks, BTC<\/a> managed to stay above the $50K region. After sliding below $50K on December 4, the same day it hit a low of $43,972 per unit but has managed to jump back above the $47K zone.<\/p>\n

Still, bitcoin (BTC)<\/a> is trading for 149% higher than it was on this day last year. However, monthly stats show bitcoin is down 26.1% and more than 30% from the all-time high. The second leading crypto asset, ethereum (ETH)<\/a>, is down 11.7% this week and 30-day stats show ETH<\/a> has lost 17.5%. Similarly, ether is still up year-to-date, as the price per ETH<\/a> is over 550% higher than this time last year. The crypto asset is under the $4K zone and currently changing hands for $3,845 per ether.<\/p>\n

Bitcoin Falls Below 200-Day Moving Average, Analyst Suggests Further Declines Are Coming<\/h2>\n

Speaking with Alex Kuptsikevich, Fxpro\u2019s senior market analyst, Kuptsikevich told Bitcoin.com News that the cryptocurrency market \u201ccame under impressive pressure on Monday afternoon.\u201d Furthermore, the Crypto Fear and Greed Index <\/a>returned to the extreme fear territory from a score of 28 to 21. \u201cIt is not easy to pinpoint the new wave of pressure trigger, but it intensified and widened after the two largest cryptocurrencies gave up their key positions,\u201d Kuptsikevich said.<\/p>\n<\/p>\n

\u201cBitcoin has fallen below its 200-day average, trading below $47K at the time of writing. Excluding the intraday drop on the 6th of December, these are the lowest values since early October, and bitcoin has lost a third of its value from its peak levels just over a month ago,\u201d the analyst further added. \u201cBy and large, the highs at 69k were the starting point for pressure on the BTCUSD. Should the decline develop, it is worth paying increased attention to the 40k and 30k levels, significant round levels where Bitcoin had previously turned to the upside.\u201d<\/p>\n

Fxpro\u2019s senior market analyst continued:<\/p>\n

The whole crypto sphere is in a bear market. Their total capitalisation is already more than 30% lower from their peaks, and attempts to consolidate beyond critical levels have failed. Last summer, cryptocurrency investor interest returned after capitalisation fell by more than half. This suggests the potential for a further 30% decline from current levels.<\/p>\n

Huobi Group Co-Founder: \u2018Bitcoin Needs to Break Through Descending Trendline\u2019<\/h2>\n

Speaking with Du Jun, the co-founder of Huobi Group, the analyst said BTC<\/a> has started to stabilize after the decline, focusing on the support of $47,000.<\/p>\n

\u201cAccording to data from Huobi Global, BTC<\/a> maintained a sideways oscillation at midday, with the upper edge of the oscillation range at $47,500 and the lower edge at $46,200,\u201d Du Jun told Bitcoin.com News. \u201cFrom the 4-hour level K-line chart, the price began to stabilize after last night\u2019s decline, and the pivot of the current oscillation is near the price low of December 11, which can be seen as a test of the short-term support level.\u201d<\/p>\n

The co-founder of Huobi Group concluded:<\/p>\n

At the daily level, today is a slightly longer solid cross negative, with a clear downward trend in the price lows. The price is currently in weakness, stabilizing 47,000 can only make the declining trend temporary, to counterattack also need to break through the descending trendline and 50,800 block.<\/p>\n

What do you think about Kuptsikevich\u2019s assessment of the crypto economy and saying the sphere is in a bear market? Do you think the crypto economy is in a bear market? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nMarket Updates, Alex Kuptsikevich, Bear Market, Bearish, Bears, Bitcoin, Bitcoin (BTC), Bull Market, Bulls, capitalisation, critical levels, crypto economy, cryptocurrency investors, Du Jun, ETH, ether, Ethereum (ETH), Fear, Fxpro\u2019s senior market analyst, Huobi Group, key levels, Market Update, Markets, markets and prices, Prices<\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto-economy has been sliding in value this week and during the last 24 hours, it has lost 2.5% dropping to $2.3 trillion. The leading crypto asset bitcoin has slid 4.8% during the last seven days and ethereum has dropped 11.7% last week. The downward spiral has cryptocurrency advocates questioning whether or not the bull…<\/p>\n","protected":false},"author":0,"featured_media":15289,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-15288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/15288"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=15288"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/15288\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/15289"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=15288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=15288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=15288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}