Ethereum
Here’s why Bitcoin, ETH, SOL, XRP and SHIB fell today
The crypto market is showing new signs of weakness as bulls and bears battle for dominance. Investors lost nearly 150 billion dollars over the past few days as the crypto market cap increased from $2.42 trillion to $2.28 trillion. Bitcoin and altcoins failed to maintain its bullish momentum and continued to fall due to lack of trading volumes in the spot and derivatives markets.
Has the market trend changed as crypto struggles to overcome macroeconomic concerns? THE Crypto Fear and Greed Index revealed a change in trend and sentiment since May 6. The index fell from 71 to 64 in three days as technical charts looked weak.
Crypto Market Selloff as Bitcoin Price Loses Momentum
The price of Bitcoin fell below $62,000 within hours in the United States as traders booked profits or liquidated long positions. BTC Price has fallen more than 5% this week, with a drop of more than 1% today, May 8. Trading volume has fallen further over the past 24 hours.
Bitcoin fell for a variety of reasons, including hawkish remarks from Fed officials including Neel Kashkari, regulatory crackdown, upcoming options expiration, and weak models. The recent remarks have spooked the crypto market, regardless of Fed Chairman Jerome Powell’s dovish comments and positive economic factors over the past week.
Maximum pain price for Bitcoin, that expiration is $62,000, with traders bracing for a crash if the BTC price falls below that level. Notably, pull bets are higher on days following expiration, with 62,500 and 60,500 key levels to watch. Despite this, analysts remain optimistic that Bitcoin prices will rise this year as stagflation fears ease.
Meanwhile, the US Dollar Index (DXY) climbed for three straight days to 105.50, the highest level since mid-November. Traders are awaiting further comments from Fed officials for guidance on market direction and the economic outlook. Based on current data, the Fed is expected to cut interest rates in September.
Additionally, the 10-year US Treasury yield (10 American years) jumped today to 4.481%. As Bitcoin moves opposite to DXY and Treasury yields, the rising numbers indicate that pressure continues to build on Bitcoin.
Bitcoin is still consolidating and needs to surpass $63,700 in the near term for recovery and $70,000 for rally, ending the crypto market sell-off. BTC dominance is currently at 53.4%.
Crypto Market Liquidation
Change machine data shows that more than $400 million has been liquidated across the world. crypto market the last days. Of these, $330 million of long positions were liquidated and nearly $70 million of short positions were liquidated.
In the last 24 hours, over 65,000 traders were liquidated and the largest liquidation order took place on crypto exchange OKX, as someone swapped ETH for USD worth 3 .86 million dollars.
Ethereum (ETH) Price fell below $3,000, triggering weak trading and a sell-off in altcoins. The prices of Solana (SOL), BNB,
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