Why Crypto Market Is Down Today? Bitcoin Below $95,000 #COW or DEEP surge: Which one do you prefer? #Gate.io Annual Report 2024 #Akramulpro99

Dec 20
The post Why Crypto Market is Down Today? Bitcoin below $95,000 appeared first on Coinpedia Fintech News

Bitcoin has sent the community in shock by nose diving 11.25% in the past 3 days. It lost almost $12,000 from its value and is currently trading at $94,715 and the crypto market faced a $1.10 billion liquidation. This is a great time for bears while long traders are paying hefty prices. Let’s see what is happening and why crypto market is down today.

El Salvador’s $1.4 B Loan

El Salvador being the first country in the world to accept Bitcoin as a legal tender, has been receiving backlash from traditional institutions. The International Monetary Fund (IMF) has been warning the nation to change their Bitcoin policy. They have been urging El Salvadore to limit public sector exposure to the crypto however, the nation never listened.

Now, there is a deal between the Bitcoin country and the IMF, a loan of $1.4 billion to support their economy. This still has to be approved however, there is a condition, they will have to bring amends to the Bitcoin policy. The country has accepted the proposal. Experts believe this was the major reason for the drop, however charts add more to the story.

The Bitcoin Market Analysis

BTC made a new all time high at $108,364 on December 17 and since then it has been falling. Coinmarketcap shows that the first crypto is down from its ATH by 12.74%. Currency BTC hovers around a daily support level but it would be very difficult to say if it is going to survive here.

Source : Tradingview

However the 4 hour chart says a different story. RSI has dropped below 30, suggesting we should soon see an uprising. This is the perfect moment for whales to refill their bags on discount.

The most interesting thing lies in the daily chart. We are not going to talk about numbers here but just patterns. If you compare the movement of price with RSI movement, you will see it. Even though the price was moving up from $89k all the way to the new ATH, the RSI kept falling down.#BTC #ETH