It was a red sea in the encryption market on Saturday, when Bitcoin fell and most digital codes fell. Bitcoin fell to less than $ 103,000 for the first time in days, while common symbols like Pepe, Shiba Inu, Pi Network and Dogwifhat (WIF) fell with double numbers. This article explores the cause of these symbols.
Altcoins decreased with bitcoin stop
The main reason behind the collapse of Altcoins prices such as PEPE, Shiba Inu, Pi Network and WiF is that Bitcoin has found significant resistance at the level of 105,900 dollars. After height to this level on May 12, the currency remained in a narrow range with a decrease in size.
Altcoins often moves in the same direction of Bitcoin. Most of them gather when the bitcoin price indicates the top, and it decreases when it decreases or stops.
However, there are signs that the constant standardization of bitcoin prices is calm before the storm, before it bounces soon. First, the graph below shows that the size of the bitcoin has continued to move down. Theoretical, this is usually a landmark. However, in practice, Bitcoin tends to recover when the volume decreases in the period and the future market.
Second, this graph shows that Bitcoin has formed two unique patterns of upscale plans that will push it up in the coming weeks. A bullish banner appears in black in the graph below.
The upscale flag has a pattern similar to the flag and a similar triangle. In most cases, it usually explodes when the Triangle line approaches the level of meeting.
Bitcoin also formed a cup style and handle heading its upper side of $ 108,022. The depth of this cup is about 32 %, which means that the currency will eventually increase to more than $ 140,000. Warning of all this is that the C&H style takes a long time for composition and perfection.
Bitcoin price scheme source: Tradingvief
Read more: Will the encryption bull run? 4 altcoins for purchase if it is
Altcoins crashed due to profits
Altcoins has also been destroyed such as Network Pi, Dogwifhat, Shiba Inu and Pepe due to the profit. This is because most of these currencies were sharp from their lowest levels in April.
The price of the PI network increased by more than 300 % of the lowest point in April and its highest level last week. SHIBA Inu jumped more than 72 %, while Pepe Coin increased by more than 189 % in the same period.
It is common for cryptocurrencies and other assets to decline after a strong crowd, especially in a short period of time. This explains why many of these symbols have decreased, although there is no negative address from it.
It was the only currency in this list that had a major problem, the PI networkand Which has shattered the distinctive symbol after the developers revealed the projects of the PI network, a fund that will invest in startups using their technology.
While the adventure box is a step in the right direction, analysts believe that PI is one of the highly dangerous assets. For one, it is one of the most cryptocurrencies in this industry.
PI: The truth that you do not want to know! Do not take this in a wrong way. Just read on .. Pi Network got some dangerous secrets, and we pour all the tea. Could this be the next encryption breakdown waiting for its occurrence? Let’s dive into! 
Numbers do not lie: 89
Overage economics factors
Bitcoin and other Altcoin prices fell as investors’ reaction to macroeconomic factors was. The most prominent is the latest credit rating in the United States by Moody’s. In a statement, the company warned that US financial resources were moving in the wrong direction. Other classification agencies – S& Global and Fitch – reduced the United States classification in 2011 and 2022, respectively.
There is also noise on definitions. While the United States has reached a truce with China and the United Kingdom, the tariff left its place, which means that there are still the increasing risk of stagnation. Also, there are signs that the Federal Reserve will carry prices longer while inflation remains high.
Read more: Why do encryption prices decrease, and will they return?
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