Bitcoin broke below its support zones and trades around its yearly open after another massive selloff. At the time of writing, the first cryptocurrency by market cap trades at $29,605 with an 11.2% loss in the weekly chart.
BTC moving sideways on its yearly open in the daily chart. Source: BTCUSD Tradingview
The crypto market has followed Bitcoin, except for a handful of coins, and the top ten sit on more pronounced losses.
For three consecutive months, BTC and major cryptocurrencies have been in the red. May and June saw two capitulation events that pushed BTC’s price below its current levels. Hence why so many investors and traders expect further downside to consolidating a third and possibly final capitulation.
The weeks leading to the most recent crash saw Ethereum (ETH) outperforming Bitcoin (BTC). The second cryptocurrency by market cap rose from around $1,600 to $2,390 before retracing to current levels.
However, a recent report by Arcane Research concluded that