A new bearish wave has emerged in the cryptocurrency space, forcing Bitcoin price to drop below $68,000
If the platform experiences large-scale, prolonged liquidations, it may become difficult for bulls to continue defending the lower support.
Bulls appear to have become extremely exhausted as selling pressure outweighs bullish attempts. As a result, Bitcoin price started declining and broke below a crucial range, which raised concerns about the next price move. With the latest price action, the star cryptocurrency has entered a crucial support range. Therefore, a bearish move might differentiate itself from rising BTC price for quite some time.
The spot BTC ETF is being bought up like crazy, with institutions holding nearly 4% of the float. Unfortunately, some reports are that the approval of the spot ETH ETF has resulted in a large amount of BTC OI being removed and swapped for ETH, which is rising rapidly. Is this one of the reasons for BTC’s drop, along with the huge transfers associated with the Mt. Gox exchange?
BTC price is breaking through a high resistance range and is believed to be repeating its previous correction history before a new bull run begins. But in the world of cryptocurrency, does history repeat itself every time?
BTC price is trading inside a decisive triangle and the recent plunge has forced the price to test the lower support levels. However, the bulls are expected to trigger a rebound but the current trading setup suggests that a bearish move might be imminent. The RSI has been bearish for a few days now and there is no possibility of any bullish reversal. Therefore, BTC price might break out of the triangle and touch the local support level of $66,817.
In the following hours, the Bitcoin (BTC) price dropped by more than 4% to 5%, and as the total open interest has been increasing, long positions are expected to be liquidated. However, the market's expectations for a smooth trend and a good turnaround in the Bitcoin (BTC) price remain. Therefore, the Bitcoin (BTC) price is expected to see a sharp turnaround in the coming days, which may also include some sharp bearish movements.
DOGE price has seen a small increase of 0.2% over the past 24 hours, with Dogecoin rising to $0.1652, while the entire cryptocurrency market is up 0.5% today.
The meme coin is actually down 1.5% in a week, but its recent good fortune means it’s up 10% in two weeks and 17% in a month.
Such performance has kept Dogecoin in ninth place in the market capitalization rankings, just one step away from surpassing XRP, which has been hit in recent weeks.
And since DOGE is also up 125% in a year, it has enough long-term momentum to reverse XRP’s decline in the near future.
Dogecoin (DOGE) Price Prediction as it Closes on Ripple in Rankings – Can Dogecoin (DOGE) Overtake XRP?
DOGE’s chart is turning down after a small drop this morning and it looks like the currency may have further to fall before rising again.
Its RSI (purple) has fallen from 60 earlier today to around 45 as of this writing, and its direction suggests it could fall further.
Meanwhile, DOGE’s 30-day moving average (orange) has been comfortably above its 200-day moving average (blue) for a week but is now beginning to decline towards the longer-term average.
This suggests that it may have started a short or medium-term decline and may test its support level (green) before resuming.
Equally discouraging is the fact that the token’s 24-hour trading volume remains relatively low, at $1.3 billion today, compared to $2.5 billion less than a week ago and over $8 billion in early March.
In other words, there is a relative lack of demand for DOGE right now, with the last major Dogecoin purchase occurring on May 9, when a whale bought around $18 million worth of Dogecoin from Robinhood.
Still, DOGE could see strong returns in the coming weeks, especially if the recently approved Ethereum ETF sparks significant demand when it launches in the coming weeks.
More generally, Dogecoin looks promising as it continues to maintain its position as one of the largest and most popular meme coins on the market.
X plans to launch digital payments this year, and there is the possibility of launching cryptocurrency and Dogecoin payments in the near future.
If this happens, there is no doubt that the price of Dogecoin will surge and could potentially break through its high of $0.7316.
As it stands, its price may reach $0.2 in the next month or so.
While Dogecoin will likely remain a significant fixture of the cryptocurrency market for years to come, its well-established status likely means it won’t really see any spectacular gains in the short term (unless we do see DOGE payments on X).
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