In another day of heavy losses, the price of Bitcoin (BTC) opened down 1.7% in the last 25 hours. As a result, the cryptocurrency opened the day trading at $26,758 in the international market. In Brazil, the BTC price also fell by 1.7% and reached the level of R$ 135,105, according to CoinGecko.
With this, Bitcoin broke through another important support level, which was the $27,000 region, and consolidated its downward trend in the short term. This led to all cryptocurrencies opening the day in the negative, especially in the Top 10. The price of Ether (ETH), for example, dropped by 1.6% and opened the day at $1,548, or about R$ 7,900 in current values.
The biggest loss in the Top 10 was Solana (SOL), whose price fell by 3.9% in the last 24 hours. XRP and Dogecoin (DOGE) followed, each losing 1.8%, and then came BTC itself. None of the Top 10 cryptocurrencies recorded gains, and only the stablecoins USDT and USDC remained stable.
The Top 100, however, saw more appreciations, although less than 20% of the cryptocurrencies opened higher. FXS, KAS, and Cronos (CRO) were the only ones whose appreciation reached a relevant level – 3.2%, 3.1%, and 3%, respectively. On the other hand, RUNE fell by 9.7% and led the overall losses of the day.
The market capitalization of cryptocurrencies lost 1.6% and is now valued at $1.08 trillion, or R$ 5.46 trillion, while trading volume fell by 4.53% and opened the day at $25.1 billion. Bitcoin’s dominance fell to 49.9% and Ether’s remained at 17.8%, totaling 67.7% of the market.
A downward pattern is forming
As explained in Wednesday’s market article, BTC would need to close the daily chart above $28,000 to have any chance of appreciation. But if the price remained below that level, the trend would be for a correction and even greater losses.
The second scenario ended up materializing, opening the way for the cryptocurrency to lose up to 10% of its value. Thus, a drop to the $25,000 region is the current base scenario for price. However, Fernando Pereira from Bitget believes that this scenario will not occur immediately.
“As mentioned yesterday, if we closed the day below $27,150, the target was $25,000. This is the most likely scenario for BTC at the moment, but I believe this move will happen next week, as it is already possible to see a short-term oversold condition in the coin,” said Pereira.
Futures and settlements
Even with the market in decline, futures and settlements volumes did not register major upward or downward movements. According to Coinglass, futures volumes opened down by 3%, amounting to $54.7 billion. Binance accounted for $10.1 billion of this total, and OKX accounted for $4 billion.
Settlements remained virtually stable, with a slight increase of 0.62% and a total volume of $54.4 million, with the majority of settlements among the sellers ($46.1 million). BTC accounted for $19 million and led the declines among the buyers, while the sold positions ($8.74 million) had LOOM as the highlight, with $664,000 in settlements.
The largest individual settlement was $1.5 million at OKX in a BTC contract, and 19,900 traders were liquidated in the last 24 hours.