The leading crypto is down almost 15% in the last 7 days
Bitcoin previously experienced relief after the FOMC meeting and turned the markets green
A significant retrace below the $36,000 range followed shortly after
Other tokens like ETH and LUNA are also experiencing huge dips from all-time highs and recent highs as well
The total crypto market cap is down to $1.58 trillion
The latest market retrace caused massive liquidations across the market with ETH and BTC traders taking the biggest hits
A technical analyst opined that the markets might see lower levels
Majority of the cryptocurrency market is currently in a downward spiral as the worlds leading token Bitcoin fell below $33,000. As of press time, BTC is trading at $32,964 and has dipped more than 13% over the past 7 days, per data from CoinMarketCap.
Data from TradingView shows that BTC has not seen these levels since January 2022. Notably, Bitcoin is now trading more than 50% below its $68,000 all-time high from November 2021.
Similar to Bitcoin’s recent price movements, other crypto’s like Ethereum’s ETH and Terra’s LUNA have also recorded massive declines from previous highs. Ethereum is 7% down in the last 24 hours and trades around $2,378 while LUNA prices dipped to $60.34, a 27% crash in the past week alone.
In addition, the global crypto market cap fall fallen to around $1.58 trillion as of the time of writing this report.
Bitcoin’s Retrace Triggers $280 Million in Long Liquidations
BTC’s most recent crash below the $33,000 region supposedly served as the catalyst for massive losses across the market.
According to data from CoinGlass, traders have suffered over $400 million in liquidations in the past day alone. Furthermore, Bitcoin traders bared the brunt of the losses with more than $139 million in liquidations. Ethereum trades accounted for the second-highest losses with an estimated $120 million in liquidations.
Other tokens with significant losses included LUNA, SOL, DOGE, TRX, GMT, and APE to name a few.
Bitcoin Analyst Says Dip To $24K Might Happen
As the markets continue to take a tumble, a prominent crypto proponent and analyst has predicted a possible slump to lower levels.
According to the Head of Market Research at Bitcoin Magazine, Dylan LeClair, BTC could hit a bottom price of $24,300 in line with historical price patterns during bear markets.