Crypto markets hit a peak total capitalization of $308 billion yesterday before one swift dump resulted in an $18 billion outflow. A very slight recovery to $295 billion has followed in early Asian trading but a larger correction is now looking likely.
Bitcoin Back Below $10k
Bitcoin prices fell sharply in late trading on Saturday plunging to support at $9,800 according to Tradingview.com. Since then BTC has returned to five figures but only just, further losses are expected as the asset cools from several weeks of upward momentum.
BTC prices 1 hour chart – Tradingview.com
Trader and analyst Josh Rager has noted that there is nothing wrong with a couple of weeks of downward price action which is healthy for markets.
“Many were looking for the opportunity to buy and this could present ample opportunities,”
Stay encouraged with any pullbacks
After multiple weeks of green, a couple weeks of downward price action would be fine
Many were looking for the opportunity to buy and this could present ample opportunities
— Josh Rager