Bitcoin Falls Below $73K For First Time Since August: Michael Van De Poppe Wants One More Flush Before Buying The Dip - Yahoo Finance
Bitcoin dropped below $73,000 on Thursday for the first time since August, dragged down by tech stock turmoil following Nvidia's decline.
The total cryptocurrency market capitalization slipped around 2% to just above $2.5 trillion. Ethereum, Solana and XRP also declined, with Ethereum struggling to hold $2,000 and Solana approaching $80.
Bitcoin's price fell 1.5% in the last 24 hours, falling to around $72,900 at the time of writing. On Stocktwits, retail sentiment around the apex cryptocurrency trended in 'extremely bearish' territory over the past day.
Nvidia Selloff Spills Crypto Markets
The overall cryptocurrency market slipped around 2% in the last 24 hours, teetering above the $2.5 trillion mark with NVDA stock down over 7% and the iShares Semiconductor ETF (SOXX) falling almost 2.5%.
Analysts were mulling over whether CEO Jensen Huang would be able to retain his post after reports stated he had a second affair with an executive within the company.
Ethereum's price fell 1.8% in the last 24 hours, struggling to hold above the $2,000 mark, while Solana's price also fell 1.8%, in danger of dropping below $80. XRP's price was down around 2%, trading just above the $1 mark.
Analyst Seeks One More Flush
Crypto analyst Michael van de Poppe said Bitcoin has support at its 200-day moving average and another support zone between $70,000 and $71,500.
What I'd like to see: A sweep of the lows towards the lower support zones and then a high-volume candle + reclaim back upwards, he said, calling it 'a strong trigger for trades.'
Crypto Stocks Follow Cryptocurrency Decline
Crypto equities fell alongside cryptocurrencies in pre-market on Thursday. Corporate cryptocurrency treasuries Strategy (MSTR), Bitmine Immersion Technologies (BMNR), and Strive (ASST) took the biggest hits. MSTR stock was down nearly 6%, while BMNR stock and ASST shares both dropped around 5.5% each.
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