Bitcoin dumps $2K as a fresh bloodbath sweeps the crypto market

As crypto bleeds, losses across the market have wiped more than $100 billion from the total market cap.

Bitcoin has dropped below $33,000, reaching lows of $32,300 as of writing to see the benchmark cryptocurrency trade more than 6% lower from its intraday highs above $34,000. On 7 July, BTC price climbed to $34,995 on Coinbase to leave bulls eyeing a breakout above $35k.

This morning, Bitcoin’s price dumped more than $2,000 as a brutal reversal hit the broader crypto market. The widespread losses have wiped billions off the total crypto market capitalisation after most altcoins mirrored Bitcoin’s rot to dump hard within hours.

As of writing, BTC/USD is changing hands around $32,479.

Bitcoin risks further losses

The chart below suggests bearish sentiment is high. The RSI is below the 50-line, currently dipping towards the 33 mark. The 4-hour chart also shows the MACD is strengthening in the bearish zone, while the Stochastic oscillator shows indecision after a bearish cross.

Bulls need to bounce above $33,000 to put themselves in a position to challenge resistance at $34,000 and $34,500.

On the downside, fresh selling pressure in the Bitcoin market risks seeing the BTC/USD pair lose crucial support at $32,000, with a retest of the $30,000 range likely if the market fails to bounce back above $33k.

Altcoins not spared

As shown in the price map below, altcoins have also recorded heavy losses in early trading deals this Thursday. Ethereum, which had bounced nicely above $2,300 to hit a 3-week high, lost 8.61% of its value to currently trade around $2,183.

Other big losers are Dogecoin (DOGE) which is down 8.6%, XRP (-7.3%), Binance Coin (BNB) -6.3%, and Cardano (ADA) that has retraced 5.48%.

Overall, this morning’s crypto market bloodbath has pushed cumulative losses in market capitalization to over $100 billion. According to data on CoinMarketCap, the total market cap shrank from $1.47 trillion to $1.37, with the losses coming on the back of Bitcoin’s price crash.