- The awoken bears send the market tumbling losing $7 billion in a few hours.
- Bitcoin declines are unstoppable towards $3,400.
The cryptocurrency market is painted red at the time of writing. The declines began towards the end of the trading session yesterday. The stability shown last week appears to have been purged as the entire market dived south.
Bitcoin is leading the downward spiral following the sharp drop below the ranging channel support at $3,500. The largest crypto is still correcting lower with declines of 3% on Monday. Looking at the trading last week, we see that Bitcoin was stable between the channel with resistance at $3,600 and support at $3,500. However, it has kicked off the trading this week with a sharp dip that has tested $3,400.
The signals from the technical indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are still negative at press time. BTC/USD is exchanging hands at $3,415, besides there is an ongoing bearish momentum that could break below $3,400 in the short-term unless support is established.
After a week of stability, the awoken bears have sent the market to the rocks dumping at least $7 billion in just a few hours. The total market cap has thinned greatly to refresh the lows in 2019 at $114 billion.
BTC/USD 1-hour chart