The cryptocurrency market remains under pressure, the price of Bitcoin went below $31000 support this Wednesday, and the risk of further declines is still not over. Bank of China announced that digital tokens couldn’t be used as a form of payment, and this announcement created a sell-off.
Elon Musk also said that Tesla would stop accepting Bitcoin as a payment method over environmental concerns, while cryptocurrency analysts Carter Worth said on CNBC that Bitcoin could drop below $30000 support soon. The crypto market has shed billions in only several hours, and thousands of traders operating in the crypto futures market were liquidated today.
“The concerns among investors and traders is that perhaps we are about to see another crypto winter, and it may take a long time for Bitcoin price to see any recovery as the bull cycle may be over,” said Naeem Aslam, chief market analyst at AvaTrade.
This situation also negatively influences the price of Dogecoin DOGE/USD, Bitcoin Cash BCH/USD, and EOS EOS/USD, and probably it is not the best moment for investing in the cryptocurrency market. If the price of Bitcoin falls below the $30000 support level, it would be a firm “sell” signal, and this would add further pressure to the whole cryptocurrency market.Dogecoin (DOGE) is trading again below the $0.40 level
Dogecoin (DOGE) has weakened from $0.74 to $0.20 in less than two weeks, and the current price stands around $0.36.Data source: tradingview.com
If the price falls again below $0.30 support, it would be a firm “sell” signal, and the next target could be around $0.20. The risk of further declines is probably not over, but if the price jumps above $0.50, we have the open way to $0.60.Bitcoin Cash (BCH) has entered a bear market
Bitcoin Cash has weakened from $1643 below $500 since the 12th of May, and the current price stands around $780. The critical support levels are $600 and $500, $900, and $1000, represent the current resistance levels.Data source: tradingview.com
There are some obvious risks when it comes to buying Bitcoin Cash (BCH) this May, and if the price falls below $600, it will probably reach again $500 support level.EOS has collapsed from the recent highs
EOS has collapsed from the recent highs registered in the second week of May and technically looking, the price of this cryptocurrency could fall even more in the upcoming days.Data source: tradingview.com
If the price falls again below $5 support, it would be a firm “sell” signal, and the next target could be around $4 or even $3.Summary
The cryptocurrency market has collapsed this Wednesday, the price of Bitcoin went below $31000 support, and this situation also negatively influences the price of Dogecoin, Bitcoin Cash, and EOS. If the price of Bitcoin falls below the $30000 support level, it would be a firm “sell” signal, and this would add further pressure to the whole cryptocurrency market.
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