Claim BonusBloodbath Alert: Bitcoin (BTC) Gives a Weekly Close Below 100-DMA for the First Time In Four Years
Over the last weekend, Bitcoin (BTC) and the broader crypto market witnessed a brutal sell-off with Bitcoin and the broader crypto market losing nearly 10%. In the last three days, the broader crypto market has eroded $250 billion of investors’ wealth.
The world’s largest cryptocurrency Bitcoin (BTC) has slipped under $33,500 as of last week’s closing. Twitter handle Blockchain Backer says that Bitcoin losing its crucial support of 100-day moving average (DMA) can lead to further sell-off. The crypto analyst explains:
“Bitcoin closes the week below the 100-week moving average. Both previous times led to capitulation to 200-week moving average in 2014 and 2018. Today’s chart has many differences from those two times, and those two times were very similar to each other. Big dive in tomorrow!”
On-chain data provider Santiment further explains that the trader sentiment has dropped to negative levels once again. It states: “With #Bitcoin now having retraced all the way down to $33.9k, trader sentiment has fallen to six week lows. We typically prefer to see capitulation signs like this, as weak hands leaving the space is generally what is needed for a truly notable bounce”.
With today’s correction, the BTC price is down nearly 30% year-to-date.
Altcoin Market Sell-Off, LUNA Crash
Ethereum (ETH) continues to follow Bitcoin closely and the ETH price has now slipped under $2,500 approaching the 2022 low of $2,200.
Over the last week, Terra faced major price correction with the price of LUNA tanking 20% in a single day amid the major sell-off for its UST stablecoin. The concerns of a de-peg featured as the price of UST stablecoin was pushed under $1.0. As crypto analyst Colin Wu explains: “The circulating supply of LUNA increased by 957,201 in a single day, reaching 91.357 million, setting a new record for the circulating supply of LUNA in a single day since April 8”.
The Luna Foundation is reportedly working on measures to protect the UST peg of Bitcoin.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- US–India Trade Deal: Will Trump’s Tariff Relief Boost Crypto Market?
- Why Is Pi Coin Price Rising Today? Key Reasons Explained
- BestChange Wins Best Crypto Exchange Rate Aggregator at the Crypto Impact Awards 2025
- Arthur Hayes Blames BlackRock’s IBIT Hedging for Bitcoin Crash as BTC Price Rebounds 7%
- When Will the Crypto Winter Finally End?
- Bitcoin and XRP Price Outlook Ahead of Crypto Market Bill Nearing Key Phase on Feb 10th
- Bitcoin Price Prediction as Funding Rate Tumbles Ahead of $2.1B Options Expiry
- Ethereum Price Outlook as Vitalik Buterin Sells $14 Million Worth of ETH: What’s Next for Ether?
- Solana Price at Risk of Crashing Below $50 as Crypto Fear and Greed Index Plunges to 5
- Pi Network Price Prediction Ahead of PI KYC Validator Reward System Launch
- XRP Price Outlook As Peter Brandt Predicts BTC Price Might Crash to $42k
