It appears that the bears are slowly taking control over the market in the short term as the primary cryptocurrency trades below $20K, and the majority of other coins look indecisive at best. Of course, there are certain exceptions.
Bitcoin Losing $20K
The $20,000 level is one of significant importance. Apart from being a psychological mark, it also contains technical and fundamental support, being the high of the 2017-2018 bull market.
With that said, BTC has been flirting with $20K for a few days now, and it appears that the bulls may have finally given up. At the time of this writing, the cryptocurrency trades at around $19,800, having recovered from the daily lows at around $19,600.
Source: Binance via TradingView
The volatility has also disappeared from the market over the past couple of days, resulting in a lot fewer liquidations and overall trading volume. For the past 24 hours, there were only about $6 million in liquidated positions for BTC.
Cardano Soars 6% as Altcoins Indecisive
Even though most of the market is painted in green today, the increases are actually quite insignificant, as seen in the heatmap below.
Cardano is undoubtedly the best performer among the top altcoins, whereas cryptocurrencies like ETH, DOT, BNB, and XRP, are all up by less than 1%.
DeFiChain (DFI) seems to be the coin that gained the most in the past day – up by a whopping 11.5%, followed by GMX and ADA. On the other end of the spectrum, we have Helium’s HNT, which is down 8.3%, followed by LEO – down 4.5%.
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