Bitcoin and the vast majority of altcoins started today by throwing red numbers that reveal a bearish market trend.

Currently, the crypto market is releasing <a href="https://www.forbes.com/sites/ktorpey/2019/09/24/bitcoin-price-collapses-by-more-than-15-in-an-hour/">data</a> that at first glance, may lead to believe that there is a general downtrend in the market. Although Bitcoin had respected the psychological support of between USD 9,000 and USD 9,500 per unit, on Tuesday, September 24, the price of BTC reached USD 8,421, a drop of 14% in less than 2 hours. At the time of writing the price was at USD 8.621, (-12.15% in the last 24 hours).

Due to the market's enthusiasm for <a href="https://www.cryptoknowmics.com/crypto/first-bitcoin-futures-traded-in-bakkt-arrive-slowly/">Bakkt's</a> release of Bitcoin futures, the BTC price was expected to have a bullish momentum. This is why Guillermo Escudero, market analyst, points out that the breakdown of the psychological support of the market announces a downward trend of the cryptocurrency with which one must be careful.

<img class="aligncenter" src="https://www.criptonoticias.com/wp-content/uploads/2019/09/BTC-14-puntos.jpg" />
Within 2 hours the price dropped 14%.

Since September 9, market analysts have warned that Bitcoin would enter a bearish trend that would cause the price of the cryptocurrency to reach 7,000 USD. Analysts assumed that the corrective structure that is causing this downtrend would be short term.
<h2 style="text-align: center">The Market</h2>
Last weekend altcoins were maintained with steady price growth while the BTC remained stable at the $10,000 barrier. However, cryptocurrencies such as Ether, XRP, and Bitcoin Cash, average around 21% price decline. The vast majority of cryptocurrencies in the market have the same characteristic, being few like Tether, Paxos, TrueUSD, tokens anchored to the price of the dollar, which has remained stable compared to most.

<img class="aligncenter" src="https://www.criptonoticias.com/wp-content/uploads/2019/09/top-10-criptomonedas.jpg" alt="mercado altcoins rojo" />
Except for Tether, the top 10 cryptocurrencies by capitalization show double-digit losses.

On the other hand, for the past month, there has been no cryptocurrency with a correlation of daily returns to Bitcoin exceeding 70%, which may also be the reason why Bitcoin's market dominance has dropped from 70 to 68.7% since early September.

<img class="aligncenter" src="https://www.criptonoticias.com/wp-content/uploads/2019/09/tabla.jpg" />
Source @skew_markets on Twitter
While the prospect of a bearish trend, such as the current one, may seem daunting, for some, it may represent an opportunity to obtain cryptocurrencies at prices that mean better returns on their investments.

Bitcoin price drops around 14% in less than 2 hours

I am an industrial engineer specializing in blockchain. Enthusiast of cryptocurrencies and writing the latest news regarding the Crypto world.

Bitcoin price drops around 14% in less than 2 hours

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