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Traders on Edge: Bitcoin Price Falls Off a Cliff, but This Altcoin Continues to Pump

Press Releases Crypto News BeInCrypto Traders on Edge: Bitcoin Price Falls Off a Cliff, but This Altcoin Continues to Pump

The crypto markets are seeing widespread losses this Monday morning, with Bitcoin falling over 5% to around $42,000.

The overall market cap is $1.58 trillion, down 3.3% in the last 24 hours as altcoins join Bitcoin in deep red territory.

According to data from Coinglass, over $400 million in liquidations have occurred in the last 24 hours.
Crypto analytics firm Santiment noted that the latest crypto market crash represented the fastest price drop in 4 months. They point out that this swift correction has caused some mild concern among traders.

However, Santiment also observes there seems to be significant enthusiasm to “buy the dip” at the lower prices. As they state:

“There is a high level of “buythedip” calls, which typically means that there is a bit of overeagerness and #FOMO (fear of missing out) on these low prices.”

In essence, Santiment says traders appear worried in the short term after the sharp selloff. But overall sentiment remains bullish, with many eager to purchase at the discounted prices. There may even be some excess greed still driving the buy-the-dip mentality based on fear of missing the chance to enter at the bottom.

Notable crypto analyst Cryptoinsightuk, who boasts over 20k X (Twitter) followers, provided useful insights into the market plunge. He tweeted, “Is it time to panic?”

He goes on to explain:

“On the 4HR we can see we had an aggressive pull back. In fact, the majority of this move (6% of it) happened within a 10 minute period. This indicates to me that this is a flush out in long leverage and stop losses triggering further stops.”

Analyzing liquidity levels, he sees the recent push-down bounced off around $40k. There is additional liquidity and support in the mid $30k level between $32k-34k. However, his base case is not a wick down to test that zone.

Ultimately, he remains confident in Bitcoin and the crypto bull market over the medium and long term. A

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Author: BeInCrypto Team

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