Today’s market session has been dominated by bears as markets plunged, as evidenced by the massive drop in the global market cap. The global market cap, standing at $2.55 trillion as of press time, had recorded a 5% decrease over the last 24 hours.
Bitcoin Price Review
Bitcoin (BTC) faces massive corrections today as the crypto king dropped below $67K again. The Bitcoin price appears to have recently fallen through the Ichimoku Cloud, suggesting a potential change from a bullish to a bearish trend. The bottom of the cloud can be considered dynamic support, which the price has just breached.
On the other hand, the RSI (Relative Strength Index) is not in the overbought (>70) or oversold (<30) area, indicating no immediate extreme conditions. If the Chikou Span is below the price, that’s another bearish signal, although it’s not visible here. The Bitcoin price stood at $66,991 as of press time, representing a 3.4% drop from its previous 24-hour price.
4-hour BTC/USD Chart | Source: TradingView Ethereum Price Prediction
Ethereum (ETH) is also facing massive correction as the altcoin king dropped in valuation. The Ethereum price is currently near the lower Bollinger Band, indicating it may be in a low volatility area or potentially oversold. The bands are moderately apart, hence, the market shows some volatility.
On the other hand, the Ethereum price is below the 20-period SMA (Simple Moving Average), suggesting a bearish trend. On the other hand, the MACD (Moving Average Convergence Divergence) line is below the signal line and both are below zero, which could indicate bearish momentum. The Ethereum price stood at $3,377 as of press time, representing a 4.5% decrease from its previous 24-hour price.
4-hour ETH/USD Chart | Source: TradingView Core DAO Price Review
Core DAO (CORE) is today’s top gainer as the token managed notable gains despite today’s general downtrend. The Core DAO price is above the SuperTrend line, indicating an uptrend. A sharp increase in Core DAO price is visible, suggesting high buying interest or speculative trading.
Looking at the AO (Awesome Oscillator), its bars are increasing in height, indicating growing momentum in the current trend. The Core DAO price stood at $3.5 as of press time, representing a 30% increase from its previous 24-hour price.
4-hour CORE/USDT Chart | Source: TradingView Bittensor Price Review
Bittensor (TAO) is today’s second top gainer as the token also managed notable gains. The Alligator’s lines are intertwined, often suggesting a lack of a strong trend or a consolidating market. The Bittensor price is hovering around the Alligator’s lines, supporting the idea of consolidation.
Conversely, the MFI (Money Flow Index) is nearing overbought territory, suggesting caution as the market may pull back if it enters above 80. The Bittensor price stood at $541.19 as of press time, representing a 6.6% increase from its previous 24-hour price.
4-hour TAO/USDT Chart | Source: TradingView Bitget Token Price Review
Bitget Token (BGB) is today’s third top gainer as the token also posted notable gains in today’s session. The ADX is above 25 but not extremely high, suggesting the presence of a trend but not extremely strong.
On the other hand, the CCI (Commodity Channel Index) is around the zero line, which indicates no strong buying or selling pressure. The Bitget Token price action shows higher highs and higher lows, a sign of an uptrend. The Bitget Token price stood at $1.08 as of press time, representing a 5.2% increase from its previous 24-hour price.
4-hour BGB/USDT Chart | Source: TradingView
