Bitcoin Crashes as Market Sentiment Turns Bearish

Following a prolonged consolidation around the $35k level, Bitcoin (BTC) is now in correction mode after falling by over $2k in a few hours. As expected, most altcoins are also in the red, which has dragged the valuation of the total crypto market down by $100 billion since yesterday’s high.

The benchmark cryptocurrency entered last weekend on a bearish sentiment, after falling from the $36k region to the $33k area on more negative crypto-related developments from China.

However, the Chinese effect weakened significantly lately, which helped Bitcoin recover from last weekend’s drop.

That said, bears capped any significant move above the critical $35k level and have now sent the primary cryptocurrency on a downward spiral. This bearish move has sent Bitcoin’s market Cap well below $650 billion.

The altcoin industry has not fared any better and has recorded significant losses over the past few hours. At press time, Ethereum is down by 9%, while Binance Coin has shed 7% over the past 24 hours.

Additionally, Cardano (ADA), Ripple (XRP), Dogecoin (DOGE), Polkadot (DOT), and Uniswap (UNI) have all erased most of the gains accrued over the week with -6%, -8%, -9.8%, -8%, and -12%, respectively.

Key Bitcoin Levels to Watch — July 8

Following a rejection from the $35k level, BTC appears to be coasting near the $32k support as market sentiment turns bearish. Bulls have the immediate task of defending the $32k region over the coming hours, to wear bear off and push BTC towards the $35k region. Failure to hold this line could see the cryptocurrency crashing to the $31k pivot point.

Nonetheless, the path of least resistance is tilted towards the downside, making it advisable to hold off from placing aggressive bullish bets in the meantime.

Meanwhile, our resistance levels are at $33,000, $33,700, and $35,000, and our key support levels are at $32,000, $31,000, and $30,000.

Total Market Capitalization: $1.37 trillion

Bitcoin Market Capitalization: $607.5 billion

Bitcoin Dominance: 44.2 %

Market Rank: #1

 

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