The recent price pump in Bitcoin (BTC) was short-lived as the coin quickly changed its direction and dipped below the $19,000 price level. This has marked a multi-week low for Bitcoin, which is struggling to find its original bullish pace.
The altcoins, which actually made some impressive bulls move yesterday, are now also in the negative territory. In fact, ETH ended up erasing all of its bullish gains during the last few days.
Ever since losing the battle of $20,000 to the bears, Bitcoin was in the calm waters, and no big moves were happening in the market. However, the coin did attempt to reclaim the $20,000 level several times to no avail. Whenever BTC moves up and fails, that's an indication of negative market sentiment and fewer bulls.
Recently, the BTC made a high of $20,300, only to fail and trade below it once again. The situation became worse during the past 18 hours as the cryptocurrency lost more than $1000 in value.
Right now, the Bitcoin is around the $18,500 level, which is a multi-week low for the coin. And when we look at its all times high, it seems that a lot of time has passed since its glory days of trading above $50,000!
Any altcoin which had a connection with Ethereum was mostly green yesterday. According to experts, the bull run was due to the hype of the Bellatrix upgrade and the upcoming merge. These 2 developments pushed Ethereum to its multi-day highs!
But during the last 24 hours, the market of altcoins and Bitcoin changed drastically as pretty much all coins went lower. Right now, ETH is leading the losers with a daily dump of almost 9%.
If we look at other major coins such as Dogecoin, Cardano, Binance Coin, and Solana, all of them were in the red. In fact, some of them lost 10% or even more recently, which is not a good sign for the crypto market.