- The Crypto market enters a deep bearish position today.
- Bitcoin (BTC) price dropped drastically to $38k as a result of the market downside.
- At press time, Ethereum (ETH) and many major altcoins are all red.
The overall crypto market is showing red flags back and front today. As a result, Bitcoin’s (BTC) price has plunged to $38,828.17 as it couldn’t withstand the market’s bearish position.
Additionally, before the price drop, BTC was trading between $39,000 and $45,000 range early this week. At writing time, almost all other altcoins including Bitcoin’s rival Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and Cardano (ADA) are showing a red flag.
According to their performances on CoinMarketCap at the time of writing, the cryptos haven’t shown any sign of going green. Apart from this, traders are surprised to see such a huge drop in Bitcoin at this beginning in 2022.
In addition, the market crash and BTC’s bearish position seem to have elevated the concern of the “Fear, Uncertainty, and Doubt (FUD)” phenomenon among traders. As traders look surprised, crypto apes are also in doubt, particularly about Bitcoin. Many expect the BTC price dip to end soon, while others strongly believe that this moment is not an end-game for Bitcoin.
Furthermore, Bitcoin’s price recently fell at the same time when the crypto market was changing hands to enter a bearish mode. In fact, this became a topic at that time with a lot of fears among BTC holders in the market.
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