Right now as I type this up crypto and Bitcoin in particular are having a pretty significant correction. Bitcoin is currently trading at $18,300 down approximately 5% today. Alt coins are suffering much much more as many are down 10% on COINBASE alone.
Bitcoin’s failure to break the psychological barrier of $20,000 led to this correction. Luckily though Bitcoin has significantly raised its levels of support over the last week or so. This means it will not have a huge melt down and set back and instead is really just having a down day. One should imagine this as just a down day in the market and not to be concerned about.
Altcoins will continue to suffer as Bitcoin stabilizes itself. Bitcoin at the end of the day really does drive the rest of the crypto market right now. Due to recent stock market moves like MicroStrategy being downgraded to a sell due to its increase in Bitcoin accumulation and Bitcoin being labeled as speculative its price was going to suffer. This just added additional fire to bearish sentiment which boiled over today.
Bitcoin’s chance of falling below $18,000 is low but still could happen. It has a pretty large level of support at $17,800 so it is in good shape with that. It would not be crazy to see Bitcoin fly back up to the $19,000 range when it bounces next.
For those of you who have not done the Coinbase Earn that came out today for Band Protocol I have attached my referral here and it would mean a lot if y’all could use it. Now with BAND being hit as hard as it has been would be a great time to complete the quizzes for $3 in BAND!
