Bitcoin and Ethereum prices crash; Crypto market in a freefall
- On Friday, the price of Bitcoin once again fell below the $20,000 level.
- The price of Ethereum has been moving in the range of 1000-1100$ for the fifth day.
- Investors who achieved their status as millionaires thanks to the high price of the leading cryptocurrency are no longer millionaires, at least most of them.
Bitcoin chart analysis
On Friday, the price of Bitcoin once again fell below the $20,000 level. During the weekend, the price moved in the $19,000-$19,700 range without attempting to attack the $20,000 level. This morning in the Asian session, the price is calm and going slightly above the $19,000 level. We need a new positive consolidation and a move above the moving averages for a bullish option. After that, another bullish recovery towards the $20,000 level could begin. A break above this level and the MA200 moving average would take us away from the dangerous zone. Our potential higher targets are $21,000 and $22,000. For a bearish option, we need a continuation of negative consolidation and a break below the current support at $19,000. After that, the price could fall to $18,000, the zone of previous support from June 18.
Ethereum chart analysis
The price of Ethereum has been moving in the range of 1000-1100$ for the fifth day. Now we are in the middle of sideways movement at the 1050$ price. There is no indication of a possible trend, but we can say that the bearish pressure is still in force. We need a jump and break above the $1100 level for a bullish option. Additional potential resistance for us is the MA200 moving average in that zone. And if we stabilize above, we could continue towards the $1200 level. We have a moment of negative consolidation and a drop-down to the $1000 support zone for the bearish option. A price break below would increase bearish pressure, and it could slip back to the $900 June support zone.
Market overview
80,000 Bitcoin millionaires missing in 2022
Investors who achieved their status as millionaires thanks to the high price of the leading cryptocurrency are no longer millionaires, at least most of them. The drastic drop in the price of cryptocurrencies, most notably the most popular of all, means that over 80,000 people are no longer millionaires.
Nine months ago, on November 12, 2021, to be exact, a few days after Bitcoin hit a record high of $69,000, nearly 109,000 Bitcoin wallets held more than $1 million in Bitcoin cryptocurrency.
Today, with the price of 1 Bitcoin struggling to keep its nose above $20,000, only 26,284 wallets can say they have more than $1 million in Bitcoin cryptocurrency, meaning that the number of BTC millionaires has fallen by over 75% in the last nine months.
The dramatic decline in the value of cryptocurrencies has also led to a decrease in the number of “crypto whales,” wallet owners with over $10 million in their accounts. The number of such users dropped from 10,587 wallets to 4,342, which is a drop of almost 60%.
The current state of falling prices is a combination of complex events that negatively impact cryptocurrencies. Here we mean the regulations of the US Federal Reserve, geopolitical instability, rising inflation, and credit rates. Unfortunately, without real stability in financial markets around the world, it looks like the price of Bitcoin and other cryptocurrencies will continue to suffer for some time.