Bitcoin drops to 33k USD! What will the market do next?
Bitcoin has fallen by more than $6,700 in recent days. It increased the range of the ongoing depreciation, which started on 28 March, to over $14,800 — nearly 31%. Counting from the all-time peak in November 2021, the BTC exchange rate dropped by almost $56,000, nearly 51%.
Such a significant sale meant that you had to pay less than $34,000 for Bitcoin on Monday morning, one of the lowest levels since July 2021.
Given that breaking one technical support level usually opens the door to further drops to the next support area, a decline in BTC below $34,500 could signal its continuation towards $29,500, which would be one of the lowest levels since early January 2021.
The current Ethereum situation is also very interesting. The exchange rate of this cryptocurrency fell by more than $1,150 in just over a month, which is over 32%!
These declines caused the ETH price to slide below the upward trend line. The subsequent sell-off also beat horizontal support of $2,735, and we also saw an attempt to go below $2,500 on Monday morning.
All this means that we could expect further depreciation of ETH to the region of $2350 soon. However, if this support is also defeated, then the price of this cryptocurrency could go even towards $1,750. It is only there that another significant support is found, in the vicinity of which we could expect a more substantial demand response.
Looking at the Litecoin quotations, we can see that the price of this cryptocurrency has recently dropped below the technical support of $95. You currently have to pay around $90 for LTC, the lowest level since December 2020.
Counting from the peaks of May 2021, the exchange rate of this cryptocurrency has already dropped by over 78%. As long as this sale continues, Litecoin could return to around $67 — only there is another important support.
The current situation on the Polygon cryptocurrency prices is also interesting. Over the last five days, the Matic price has lowered by more than 22%, thus increasing the depreciation range that started on 31 March to over 47%. Counting from the peak of implant times on 27 December 2021, the price of this cryptocurrency has already plunged by 68.5%.
Such a large sell-off naturally led to several significant support zones, the last of which was at $1. If the market were to move towards another technical support now, we could see a return to $0.69. It is only there that there is another barrier in the vicinity of which we could expect the emergence of greater demand response.
We could also expect a continuation of declines in the Cardano quotations. Its price lowered since September last year by almost 78%. Such a significant sale meant that you had to pay just over $0.69 for this cryptocurrency, the lowest level since February 2021.
As long as the sell-off continues, the ADA rate could drop as low as $0.40.