Key facts:
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Bitcoin failed to consolidate in the $20,000 zone; Ether failed at $1,700.
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Cryptocurrencies such as DOGE, ADA or SHIB have fallen up to 6% this Tuesday.
At the beginning of this Tuesday, September 6, the cryptocurrency market seemed to be on the rise: bitcoin (BTC) was still trying to regain strength in the $20,000 zone while ether (ETH), the Ethereum cryptocurrency, was approaching $1,700 per unit. All that movement has been erased from the charts in the followingnoon hours.
The cryptocurrency market has retreated following giving a violent brake. Now, BTC has fallen to the $18,000 zone, trading at US$18,845 at time of writing, on data from CoinMarketCap. This Tuesday, BTC has lost 4.75% of its market valuewith a depreciation of almost 1,000 dollars.
ETH, for its part, is also reversing a positive start. The cryptocurrency went from flirt with $1,700, a level not touched for weeks to retrace back towards the $1,500 level. With almost 3% down on the day, it is currently trading on exchanges at regarding $1,569.
With these two being the most valuable cryptocurrencies in the world, it is not surprising that the rest of the main ones in the market have also fallen along with them. Binance’s BNB, the third with the most accumulated capital, is down 4.51% on the day.
In the top 10 of those with the most capitalization, Polkadot (DOT), Dogecoin (DOGE), Polygon (MATIC), Shiba Inu (SHIB) and Cardano (ADA) stand out. All, following starting the day in green, show losses of around 6%.
Some analysts and traders, it seems, expected this fall. Crypto Tony on Twitter had commented on Monday that the behavior of the market was ready for a new fall. And now, with the price drop of BTC, simply added in a new tweet: «the fall began».
Por su parte, the analyst Bob Loukas seems to point to the possibility of a drop to even lower levels. In analyzing him, he argued that we are on the 55th day of a 60-day cycle. Previously, when he counted down to the 40th day, he warned that in all kinds of time frames, the trends were down.
Let us remember that, as we have pointed out in CriptoNoticias, September has been a historically bad month for bitcoin and the cryptocurrency market. And it might be even worse, taking into account that several events will come in the next few days that might affect price behavior: new inflation and interest rate announcements in the United States among them.
