Crash Crypto! Bitcoin Struggling for $ 30k, Altcoins Plunge Bear Market?

The situation in the crypto markets is getting worse and worse. Bitcoin has fallen by just under $ 30,000 – albeit on a temporary basis however, panic is now slowly spreading among investors. Altcoins are in the offspring too and are falling more violently than ever this year. Are we already in a new bear market?

Bitcoin and altcoins crash

Is it finally here – the clearing storm that will bring the much – needed reset to the crypto markets? After weeks of lateral trading and ongoing fine-tuning Bitcoin and Co are now tackling it hard: BTC, for example, has lost nearly 10% in the past 24 hours, trading below $ 30,000 for the first time since July 2021. For the week, it is worth minus 17.51%.

Notice

Meanwhile, the number 1 cryptocurrency is able to make some ground up and rise to $ 31,800. The Altcoins are bleeding into this now – and that’s very intense.

Terra (LUNA) for example they had to give up more than 50% lost, at Stepn Coin (GMT) it is 24%. Lido Dao (LDO), ApeCoin (APE) and Amp (AMP) also fell, find two-digit percentage losses.

On the other hand, Ethereum has done relatively well in the last 24 hours: ETH was only down 2% after a weekly loss of 16%. Ethereum is currently trading at $ 2,391.

In short: Crypto investors currently have a real bath – and analysts say the situation could worsen.

What’s next for Bitcoin?

For example, the renowned trader CryptoCapo_ writes to his more than 271,000 fans: He assumes that that Bitcoin will fall below $ 30,000 again.

As a reason, the trader states, among other things, that the $ 30,000 mark has already been tested several times and the sales pressure is still high:

“Why do I think the 30k mark will not last?
-It has been tested many times and is now weaker. This is the 5th test
-Not enough demand at this level (heat maps prove it)
-Discent from high range + bear flag
– Sales pressure remains high “

$ BTC
Why do I think the 30k level will not hold?
-It has been tested many times, so it is weaker now. This is the 5th test
-Not enough demand at this level (heat maps prove this)
-It comes from departure from the high range + bear flag
– Selling pressure is still high pic.twitter.com/pTGtsobtqv
– il Capo Of Crypto (@CryptoCapo_) May 10, 2022

The task now is to recapture the area around $ 35,000 – Bitcoin will only be ready for further upward movements if it succeeds. However, it remains to be seen whether that will happen.

CryptoTony Trader looking forward to downward movement, comments:

“Some of my offers on bitcoin were filled at $ 30,000 for my spot buys … Now looking for relief and ideally another step down.”

$ BTC / $ USD – Update
Some of my offers were filled at $ 30,000 onwards #Bitcoin you buy my spot .. Now looking for relief and another tap down ideally
I have lower bids at $ 24,000 and then lower IF we continue to fall that deep. In the long run these are great shopping areas pic.twitter.com/PeMQcqCSdL
– Crypto Tony (@CryptoTony__) May 10, 2022