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Why the bitcoin (BTC) price plunged lower today

It certainly has been a disappointing 24 hours of trade for cryptocurrency traders.

After surviving the dreaded death cross technical indicator and rebounding strongly following a horrific Easter sell-off, the bitcoin (BTC) price has not been able to hold onto its gains and has been tipped by one analyst to sink even lower.

According to MarketWatch, Jani Ziedins from Cracked Market believes that bitcoin didn’t survive the death cross over the weekend due to a shift in trader sentiment, but rather its rebound was just a function of the cryptocurrency reaching “grossly oversold levels.”

Because of this, Ziedins has told traders not to: “expect prices to bounce until we fall into the $4k range. Then and only then will it be safe to buy the bounce.”

At the time of writing the bitcoin price is fetching US$6,839.51 per coin according to Coin Market Cap, implying potential downside of over 41% for the world’s largest cryptocurrency.

It will come as little surprise then to learn that bitcoin has tumbled lower over the last 24 hours as traders head to the exits. The BTC price is down 7% during this period, leaving it with a market capitalisation of just under US$116 billion.

Elsewhere, there have been heavy declines across the board during the last 24 hours. Here is the state of play on Thursday afternoon:

The ethereum (ETH) price is down 6% to US$381.50 per token, reducing its market capitalisation to US$37.6 billion.

The Ripple (XRP) price is off 8% to 49.7 U.S. cents. This has left Ripple with a market capitalisation of US$19.4 billion.

Bitcoin Cash (BCH) is down 6% to US$652.91, taking its market capitalisation to US$11.1 billion.

The Litecoin (LTC) price has plunged 8% lower to US$119.36, reducing its market capitalisation to US$6.7 billion.

Outside the top five Cardano (ADA) and Stellar Lumens (XLM) have been the worst performers among the major coins with 10% and 12% declines, respectively.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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