The crypto markets are deep in the red this Friday following a massive dump that resulted in the loss of US$18 billion [AU$26 billion] from the space.
The total capitalization of crypto markets topped $280 billion for the first time in ten days. However, gains could not be held and markets plunged by 6.4% in a matter of hours.
Analysts had been expecting further losses as BTC failed to make a new higher high during the last rally which has effectively reconfirmed the long term downtrend.
Analyst Josh Rager is eyeing the mid-$8,000 zone if Bitcoin fails so close above $9,400. He added that bias remains down at the moment so this scenario could well play out.
Daily close below $9400 has me eyeing an eventual target of $8500s
Would love for a potential run back up and wick over $9400 for a better entry but may not get it
Reclaim that level on high time frames and I could potentially change my mind… but bias remains down pic.twitter.com/uUSAXltKVl
— Josh Rager 📈 (@Josh_Rager) June 12, 2020
As usual, all of the other cryptocurrencies have shadowed their big brother and the charts are a sea of red as we round out the week.
Ethereum, which has been bullish, recently dumped six percent back to the $230 level, and XRP has made similar losses, falling back to $0.19.
There are no high cap altcoins in the green and heavier losses have been suffered from EOS, Cardano, Stellar, Chainlink, Monero, Tron, and NEO.
Featured image courtesy of Jason Briscoe/Unsplash