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Why is crypto down today? How Bitcoin’s fall affected the market

August 16, 2024
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Why is crypto down today? How Bitcoin’s fall affected the market
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  • Prices are attracted to liquidity, and Bitcoin’s price movements generally govern crypto market-wide trends.
  • Bitcoin’s bearish structure and momentum in the short term could result in further losses.

The total market capitalization decreased by 0.8% over the past 24 hours, sitting at $2.06 trillion at press time.

Per AMBCrypto’s look at CoinMarketCap, among the top 15 crypto assets, excluding stablecoins, only Binance Coin [BNB], Ripple [XRP], and TRON [TRX] have trended upward over the past week.

Also, Coinglass‘ data showed $221.9 million worth of liquidations over the previous day, with the largest of them on Binance on the BTCUSDT pair for $10.81 million.

The sharp price drop could be linked to the U.S. government moving 10,000 BTC to Coinbase Prime.

Examining liquidity pools

Bitcoin Liquidation Heatmap

Source: Hyblock

Prices are attracted to liquidity, and Bitcoin’s movements generally govern crypto market-wide trends. Over the past week, a considerable cluster of liquidity has built up at the $57.4k level.

It came after BTC poked its head above $60k.

That move encouraged bulls to go long, building liquidity below $58k. On the 15th of August, BTC crashed as deep as $56k, clearing out the pocket. Further south, the $54.8k was the next bearish target.

Understanding Bitcoin and its price trends can help explain why the crypto market is down or up on any given day.

FUD from the U.S. government moving BTC to a centralized exchange might have catalyzed the price drop, too.

What next for the crypto market?

Bitcoin 4-hour TradingView

Source: BTC/USDT on TradingView

Bitcoin has a bearish market structure. As we have seen, most major altcoins also have a short-term bearish trajectory. This meant that we would likely move downward till the 19th of August.

See also  Bitcoin's rally causes a split in trader behavior

Read Bitcoin’s [BTC] Price Prediction 2024-25


A reversal thereafter might be possible, but it also depends on new developments not affecting the sentiment too negatively.

The bearish momentum of Bitcoin and a lack of buying pressure meant that the crypto market and BTC are likely to go down further.

Next: Bitcoin: NYSE withdraws plans to list BTC ETFs – What now?

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • Prices are attracted to liquidity, and Bitcoin’s price movements generally govern crypto market-wide trends.
  • Bitcoin’s bearish structure and momentum in the short term could result in further losses.

The total market capitalization decreased by 0.8% over the past 24 hours, sitting at $2.06 trillion at press time.

Per AMBCrypto’s look at CoinMarketCap, among the top 15 crypto assets, excluding stablecoins, only Binance Coin [BNB], Ripple [XRP], and TRON [TRX] have trended upward over the past week.

Also, Coinglass‘ data showed $221.9 million worth of liquidations over the previous day, with the largest of them on Binance on the BTCUSDT pair for $10.81 million.

The sharp price drop could be linked to the U.S. government moving 10,000 BTC to Coinbase Prime.

Examining liquidity pools

Bitcoin Liquidation Heatmap

Source: Hyblock

Prices are attracted to liquidity, and Bitcoin’s movements generally govern crypto market-wide trends. Over the past week, a considerable cluster of liquidity has built up at the $57.4k level.

It came after BTC poked its head above $60k.

That move encouraged bulls to go long, building liquidity below $58k. On the 15th of August, BTC crashed as deep as $56k, clearing out the pocket. Further south, the $54.8k was the next bearish target.

See also  Bitcoin miner revenue hit hardest as THIS troubling sign emerges

Understanding Bitcoin and its price trends can help explain why the crypto market is down or up on any given day.

FUD from the U.S. government moving BTC to a centralized exchange might have catalyzed the price drop, too.

What next for the crypto market?

Bitcoin 4-hour TradingView

Source: BTC/USDT on TradingView

Bitcoin has a bearish market structure. As we have seen, most major altcoins also have a short-term bearish trajectory. This meant that we would likely move downward till the 19th of August.


Read Bitcoin’s [BTC] Price Prediction 2024-25


A reversal thereafter might be possible, but it also depends on new developments not affecting the sentiment too negatively.

The bearish momentum of Bitcoin and a lack of buying pressure meant that the crypto market and BTC are likely to go down further.

Next: Bitcoin: NYSE withdraws plans to list BTC ETFs – What now?
Tags: affectedBitcoinsCryptoFallmarketToday

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Mutant Ape Game ‘Serum City’ Launches—How to Claim an Ethereum NFT Pass

Mutant Ape Game ‘Serum City’ Launches—How to Claim an Ethereum NFT Pass

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Despite Runes’ Transaction Dominance, Bitcoin Miners See Continued Revenue Drop

Despite Runes’ Transaction Dominance, Bitcoin Miners See Continued Revenue Drop

April 25, 2024
Sony Unveils In-Camera Digital Signature Technology at CES 2024

Sony Unveils In-Camera Digital Signature Technology at CES 2024

January 12, 2024
Bitcoin miners cheer as BTC’s pump boosts profit

Bitcoin miners cheer as BTC’s pump boosts profit

October 25, 2023

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