Assessing Bitcoin’s dip to $20,000 and altcoins’ reaction to it

ambcrypto.com:

Thus far, Bitcoin [BTC] and the cryptocurrency market have had a rough March. The price of Bitcoin and other alternative coins has fallen significantly during the past 24 hours. The price drop of Bitcoin will be analyzed to determine how big of an effect it has had on these alternative cryptocurrencies.

Read Bitcoin [BTC] price Prediction 2023-24

The price range tool on a 12-hour timeframe showed that Bitcoin (BTC) had lost over 11% of its value since its decline started on 6 March.

As of this writing, it was trading at around $20,000. Since beginning its ascent in January, the current price range is the lowest it has ever been.

Source: TradingView

In the same time frame, it was also possible to see that BTC had entered the oversold territory for the first time in more than three months. As of the time of this writing, the Relative Strength Index line was below 30.

The RSI line’s position suggested that the king coin had a strong bearish trend. The price may continue to fall, but a correction will eventually happen with the RSI line’s position.

The whole cryptocurrency market was impacted by the decrease in the price of BTC over the past 24 hours.

According to data from Coinglass, the decline in the value of BTC and alternative coins has cost cryptocurrency traders approximately $320 million in liquidations.

Over $282 million of the trading positions liquidated in the past 24 hours were long, which bet on rising prices. Moreover, Bitcoin investors lost the most money in liquidations, followed by Ethereum investors.

Source: Coinglass

The global crypto market cap has also been falling due to BTC and alternative coin prices collapsing. It has declined from the $1 trillion level, according to data from CoinMarketCap.

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