Bitcoin (BTC) and most main altcoins witnessed a pointy sell-off on Aug. 19, however there doesn’t appear to be a selected set off for the sudden drop. The sharp fall resulted in liquidations of greater than $551 million prior to now 24 hours, in accordance with information from Coinglass.

Barring a V-shaped backside, different formations usually take time to finish as patrons and sellers attempt to achieve the higher hand. This tends to trigger a number of random unstable strikes which may be a chance for short-term merchants, however long-term buyers ought to keep away from getting sucked into the noise.

Each day cryptocurrency market efficiency. Supply: Coin360

Glassnode information exhibits that buyers who bought Bitcoin in 2017 or earlier are simply doing that by holding their positions. The share of Bitcoin provide dormant for not less than 5 years hit a brand new all-time excessive of 24.351% on Aug. 18, suggesting that holders will not be prepared to promote in panic or for minor features.

Might Bitcoin and most altcoins problem their June lows or will the bulls purchase the present dip? Let’s research the charts of the top-10 cryptocurrencies to search out out.