NEXO FELL BELOW THE $1 MARK EARLIER THIS WEEK
Known as the king coin, Bitcoin was leading the crypto market in its demise as the global economy developed.
Sharing a high correlation with the S&P 500 Index, BTC is approaching the loss of its $ 20k support which should be an important psychological level.
Bitcoin is in trouble
BTC is currently at its last price level in January 2021, Since then, after enduring many rounds and crashes, Bitcoin has managed to make it $ 67.5k, which is a sign that it is very high.
However, the journey since then has been daunting and frustrating for its investors as BTC has dropped by 70% in the last seven months.
34.6% of this came in handy during the recent crash, which also pushed BTC below $ 30k. Currently trading at $ 20.5k, BTC indicates a risk of further price fluctuations.
The MACD highlights the bearish crossover, and although firmness may appear to be diminishing, broader market fears will not make it easier for BTC to recover.
This is because the price decline was natural and not caused by panic, considering the cash outflow noted in Chaikin Money Flow makes sense compared to the bearish market.
If the altcoins fail to browse the trend and help the BTC begin to recover, it will not be long before the king’s coin exceeds $ 19k.
NEXO - Coin of the Day
Generally, that word is well used, but as the whole market is negative. NEXO naturally becomes the ultimate loser of the day.
I dropped 16% in 24 hours, altcoin only added to its losses after a 40% drop per week. The NEXO volatility has been a bane and a profit for altcoin for a while now.
This was helpful for cryptocurrency likely to launch a new high-time high back in November and rallying about 65.2% in one day in May.
But at the same time, the immersion seen by altcoin caused NEXO to drop by 83.9% from a total of $ 4.055.
Trading at $ 0.65, the cryptocurrency is on the verge of a steady decline in view of the proximity of the over-sold area, a collapse that will take the currency away from ATH.
As it stands, the downtrend shown by Parabolic SAR brought the currency down for 18 months.