{"id":44835,"title":"Crypto Market Loses $6 Billion as Bitcoin Price Retreats to $4,100","publisher":"Share Talk","author":"sharetalk","published":"2018-11-23T17:55:00+00:00","modified":"2018-11-23T17:55:00+00:00","canonical_url":"https://www.share-talk.com/crypto-market-loses-6-billion-as-bitcoin-price-retreats-to-4100/","markdown_url":"https://www.share-talk.com/crypto-market-loses-6-billion-as-bitcoin-price-retreats-to-4100.md","json_url":"https://www.share-talk.com/crypto-market-loses-6-billion-as-bitcoin-price-retreats-to-4100.json","category":"Fintech","categories":["Fintech"],"tags":["Bitcoin","Crypto"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"In the last 24 hours, more than $6 billion was wiped out of the cryptocurrency market as [Bitcoin (BTC)](https://www.ccn.com/tag/bitcoin), the most dominant cryptocurrency in the market, recorded a loss of 8.6 percent from $4,500 to $4,110.\n\n![](https://www.share-talk.com/wp-content/uploads/2018/11/download-25-300x253.png)\n\nOn fiat-to-cryptocurrency exchanges like [Coinbase](https://www.ccn.com/tag/coinbase), [Kraken](https://www.ccn.com/tag/kraken), and [Bitstamp](https://www.ccn.com/tag/bitstamp), the price of BTC reached a new weekly low at around $4,118. Bitcoin has since recovered to $4,291, but on a weekly basis, BTC remains 21.65 percent down against the US dollar.\n\n## Where is Bitcoin Heading\n\nSimilar to Bitcoin’s strength at $6,000 from August to November, despite experiencing an intense sell-off, bears are struggling to bring BTC below the $4,000 support level.\n\nIf [BTC](https://www.ccn.com/tag/btc/) continues to defend the $4,000 level, in the weeks to come, there exists a possibility for BTC to end 2018 with a positive sentiment, potentially above $6,000 which has now turned into a major resistance level for the dominant cryptocurrency.\n\nOne alarming trend of both [Bitcoin](https://www.ccn.com/bitcoin-price/) and other major cryptocurrencies is that the prices of leading digital assets are dropping by relatively large margins with low daily volumes. The volume of BTC is averaging at around $5.1 billion, which suggests that BTC has fallen by more than 3.5 percent in the past 24 hours without significant sell-pressure from bears.\n\nOn November 21, Chris Burniske, a Placeholder Management partner,[ said that the price of BTC has dropped substantially](https://www.ccn.com/vc-investor-outlines-3-major-factors-behind-65-billion-crypto-market-wipeout/) in the past ten days due to the low liquidity of the asset and the inability of BTC to defend a strong support level at $6,000.\n\nBTC could establish $4,000 as a potential support level and experience a several-month-long consolidation period throughout the upcoming months. But, to confirm that, BTC would need to demonstrate a high level of stability and low volatility in the low price range of $4,000 to $4,500.\n\nBurniske [said](https://www.ccn.com/vc-investor-outlines-3-major-factors-behind-65-billion-crypto-market-wipeout/):\n\n> “Ethereum has been through a broader deleveraging from the ICO boom from last year where funds were raised and those funds were used to raise and it’s kind of a cyclical deleveraging. The third thing is Bitcoin was forming support at $6,000 for about 3 to 4 months and there’s a lot of turbulence around a child of Bitcoin called Bitcoin Cash, which has also forked and that has perturbed the markets and broken that technical indicator and so we are searching for a new bottom in crypto land.”\n\n## Is Ethereum in Trouble\n\nWith [initial coin offering (ICO)](https://www.ccn.com/tag/ico) projects struggling to find relevance in the space, [Ethereum (ETH)](https://www.ccn.com/tag/ethereum) is finding it difficult to secure any sort of momentum in its low price range.\n\nIn the past 24 hours, [ETH](https://www.ccn.com/ethereum-price/) has dropped by more than 6 percent to $124, with a high volume of $2 billion.\n\nThroughout the last six months, [ETH](https://www.ccn.com/tag/eth) has rarely experienced a surge in its volume over the $1 billion mark. The $2 billion daily volume of the third largest cryptocurrency in the global market demonstrates increasing sell-pressure from individual sellers and ICOs.\n\n*Featured Image from Shutterstock. Charts from [TradingView](https://www.tradingview.com/ideas/cryptocurrency/).*\n\n "}