While Bitcoin (BTC) is on the decline with the emergence of Kraken news, what about the price level and market conditions on the BTC side?
After the US Securities and Exchange Commission (SEC)’s penalty on the Kraken exchange, BTC started to decline in price. Yesterday evening, the SEC launched an investigation against Kraken for its moves in the staking protocol. Kraken, one of the major exchanges, pleaded guilty and paid a $30 million penalty to the SEC. In the flow of these news, a strong decline was observed in the cryptocurrency market.
Bitcoin (BTC) Chart Analysis
The price broke the support levels and pulled as low as $21,800. Due to the incoming daily close below $22,000, there was an instant decrease in the price to $21,630. BTC continues above the $21,630 level, which currently acts as an intermediate support. If this support is broken, a drop to the $21,255 level is possible. When the $ 22,360 level is passed, an increase can be seen to the level of 22,566–22,744 dollars, respectively.
Bitcoin Dominance, What is the Latest Situation for Altcoins?
BTC has turned the 43.34 level into a support level in the dominance after the decline in the price. To speak bullish for altcoins, 43.34 will need to be broken to the downside. If BTC dominance exceeds 43.40 and rises to 43.60, the price of altcoins may decrease.
Market Value Analysis for Bitcoin
Due to the problems between the SEC and the Kraken exchange, the BTC price and market value decreased. As a result of this event, investors turned to sales. As the buyers in the market could not meet the price, the supports were broken one by one. BTC, whose market value has increased in recent weeks, has been losing value since the price failed to exceed the $ 24200 level. Adopting a market value of 417 billion dollars as the support level, BTC can be expected to exceed the market value of 430 billion dollars in an uptrend scenario and go to a market value of 439 billion dollars.
The current BTC price is as follows;
Bitcoin (BTC)
44809
