The Bitcoin retracted $400 for the day. Before the retreat, consensus was that the main coin of the Block chain currencies is on track for a bull run. The Bitcoin broke past the bullish angle with the drop could go below support levels.
The Altcoins lost steam with the bitcoin. Ether went down the most with losses that pushed it down 6% for the day. Other smaller alt coins followed suit.
Bitcoin Retracted $400, Could See More Losses
The Bitcoin rose to yearly highs in the last few weeks and many analysts saw an increase that could fuel a run that could bring it to new highs. The Bitcoin went up to push at the $5500 resistance level for an intraday high.
After hitting highs, the Bitcoin retracted $400 after 24 hours of trading to go down to $5116. The next support levels lie at the $5240 mark. If the market continues on a downturn, the coin could fall further to the next support levels at the $5150 and even further down to $5075.
Influence of Crypto Whales On The Market
The market saw an increase last week and a drop today. The market is still paced by the market movers. Fundamentals are still positive for the Bitcoin and the crypto market, but the movement is still dictated by the movement of the technical side of the market.
Altcoins Dragged Down With The Bitcoin
Altcoin felt the same pressure that the main coin was experiencing when the Bitcoin retracted $400. ETH saw one of the largest drops with 6% after 24 hours of trading. Some other coins that saw a drop was TRON where it fell 9%.
Other coins that fell are Litecoin which saw a drop 7% as well as the Bitcoin Cash which is a drop of approximately the same drop as the Litecoin.
Tezos had a different direction and was one of the few gainers. After Binance added the coin to the list, the Tezos showed a lift of 1% in the last 24 hours.