(6/26, Sat) btc fell -8.9% after failing break through 100MA of the 4hr chart
Yesterday(6/25 00:00 - 24:00, UTC+0), bitcoin price recorded its starting as $34646, its lowest as $31247, its highest as $35579, its closing as $31562. After the start of Friday, Bitcoin peaked at 02:00 with a single large volume and then began to decline, breaking below $34,000 at 09:30, $33,000 at 13:00 and $32,000 at 16:15. It reached a bottom at 22:45 and ended with a final decline of -8.9%.
If you look at the 4-hour chart, you can see that Bitcoin, which was close to 100 MA at the beginning of the market, failed to break through and pushed back down to the bottom of the box. Even though the trading volume is not large, it is difficult to see a relatively large decline as a good signal.
In the financial market, stocks continued to rise, commodities showed stable movements except for oil prices, the dollar index did not move much, and so was the bond market. Such a move in the financial market is seen as good news for the cryptocurrency market.
What about other cryptocurrencies ? What happens to them when BITCOIN starts to rise or fall with greater amount?
I guess the btc leads the current crypto market, so when btc rise or fall with greater volume, most altcoins would follow the move of btc. And especially in the fall case, most altcoins except eth would fall further than btc. But, this would be valid until the crypto market mood doesn't change.
What is different about ETH? That is might not get affected?
I think eth is best and first altcoin out of all altcoins, so when btc fall -20%, I guess eth would fall less than -25%, other major altcoins greater than -30%, and the other altcoins greater than -40%.