Crypto crash: Why BTC fall down $2000 with in few days?

Most of the traders and market experts pointed reason behind Crypto crash as Elon Musk's SpaceX has significantly reduced its Bitcoin holdings by $373 million.

Crypto crash
Crypto analysis by Cryptocrit

Recently Bitcoin saw a significant decline, falling from the $29,000 mark to the $26,000 level in a few days. According to the market experts and crypto traders their have several reason plays vital role behind Crypto crash suddenly.

Chinese Evergrande group, a leading real estate developer, has caused a stir by unexpectedly filing for bankruptcy in New York. The surprise move sent shockwaves through the crypto and financial world, disrupting market stability. 

News has emerged, adding to the chaos, that Elon Musk's SpaceX has significantly reduced its Bitcoin holdings by $373 million. This development may indicate lack of trust and uncertainty in the market.

As cryptocurrencies plummeted, a surge in liquidity began, putting the overvalued position at risk. In one hour, the amount reached 801 million dollars, indicating a market reversal. Meanwhile, the broader economic situation also affected the turmoil in the crypto market, with worries about the devaluation of the Chinese Yuan rising higher, expressing a historical trend of impact on the price of Bitcoin. The total value of the crypto market fell by 5.69% in just 24 hours, approaching the $1 trillion mark.

Moreover, the regulatory landscape has become important in the crypto saga, introducing complexity into the crisis. Despite investors' pleas and BlackRock's request for a crypto exchange-traded fund (ETF), the United States Securities and Exchange Commission (SEC) is still reluctant to grant approval for a Bitcoin ETF.

Today Crypto analysis (BTC):

Crypto analysis by Cryptocrit

BTC recently observed a huge drop from $29000 to $26000 level .At the time of writing the price of BTC was $26122. Last 24 hr. price range was observed between $26148-$25792.

After a huge drop, there have a possibility of bullish correction gain. During this time it’ll deeply examine the relative indicators such as Relative strength index (RSI) and Moving average convergence divergence (MACD). The correction will gonna take place if the BTC price could stable between $26000-$26200 zone. 

For now the barrier of support is $25600 respectively and if BTC could break this resistance level then the next targeted support level will be $24700. On the other hand bullish correction gain possibly could make reach the price of BTC at the resistance $26800, $27200. If some how price could break this resistance level than it will reach $28000.

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