The bounce from April 18 has proven weak. BTC has continued its downward trend since its last all-time high on April 14.
Currently the price has fallen below $54,500, which previously acted as support.
The next support level would be found at $47,675, created by the 0.786 Fib retracement level.
If BTC doesn’t reclaim its support line another low is expected.
Altcoin movers
The top-10 crypto market cap rankings are much the same. However, there has been a much stronger downturn for most coins overnight.
Maker (MKR) is the biggest altcoin mover trading at $4,634.05, a gain of 28.72% at the time of publishing. MakerDAO recently voted on its liquidation system upgrade.
Dogecoin (DOGE) was the biggest loser for the second day in a row. The coin dropped 14.72% to $0.2752. These drops are still small compared to the impressive pump the coin got recently.
This drop also pushed it another slot down, falling to seventh place as Cardano (ADA) stepped into sixth.
In other crypto news
Market analysis and risk rating firm Weiss Crypto has reported that Ethereum has made a solid recovery from the fourth market correction in the current cycle.
Coinbase is in danger of being delisted on Friday by the Deutsche Börse due to issues with proper reference codes.
Digital asset custody firm BitGo is making big moves again, with their announcement of a $600 million addition to their cold storage insurance program.