Bitcoin, Ethereum, Dogecoin Drop Amid Risk Rally: Analyst Says ‘There’s Unfinished Business’ Below $19,000 For Apex Coin – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Major coins traded lower on Tuesday evening as the global cryptocurrency market cap declined 1.1% to $928 billion at 9:14 p.m. EDT.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD -1.65% 1% $19,272.04
Ethereum ETH/USD -2.5% 1.5% $1,304.16
Dogecoin DOGE/USD -0.8% -1.3% $0.06

Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Aave (AAVE) +3.7% $82.05
Uniswap (UNI) +2.2% $6.54
Monero (XMR) +1.8% ​​$146.10

See Also: Best Ways To Earn Free Cryptocurrency

Why It Matters: Major cryptocurrencies broke away from stocks to trade in the red on Tuesday evening. At the time of writing U.S. stock futures were seen trading higher with Nasdaq futures up 1.3% and S&P 500 futures higher by 0.8%.

Stocks rose on the back of strong earnings and mixed economic data that signaled a slowing of the economy, noted OANDA Senior Market Analyst Edward Moya.

“This is an impressive bear-market rally that will likely get faded as the Fed is nowhere near ready to downshift their tightening pace.”

On Bitcoin, Moya said, “Bitcoin almost made a run towards $20,000 but most investors remained skeptical that this week’s risk rally was going to be short-lived.”

“Crypto is locked into consolidation mode and that will continue until investors are convinced of the risks of the Fed over tightening and sending the economy into a severe recession are gone,” said Moya in a note, seen by Benzinga.

Michaël van de Poppe noted the choppy markets on Tuesday and said on Twitter, “The chopperino is back. Everything that’s gained yesterday, lost today.”

The cryptocurrency trader said in a separate tweet that the economy is “getting weaker.” He pointed to slowing production by corporates and Apple cutting iPhone 14 Plus production as support for his assertion. 

Justin Bennett pointed out in a tweet that Bitcoin is “struggling” to stay above the $19,370 support level and looks “relatively weak.”

“Most will try to bid $19k, but I think we go a bit lower. Seems there’s unfinished business sub $19k. Let’s see,” said the cryptocurrency trader.

A CryptoQuant analyst said in a note that “there is a possibility of a last crash in the bear market” pointing to the current descending triangle pattern on the Bitcoin Spent Output Age Bands chart. The pattern was described as similar to the last crash in the bear market in 2018 by the analyst on the community-driven platform.

Bitcoin: Spent Output Age Banks: Courtesy CryptoQuant

The analyst noted that the movement of long-term hold BTC has decreased and the price volatility is very low.

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