The cryptocurrency market has started experiencing a downturn, with major coins like Bitcoin, Ethereum, Shiba Inu, Dogecoin, and Terra posting significant losses.
Market Downturn
Traders and investors are left wondering if this presents a buying opportunity or if the market will continue its downward spiral. With Bitcoin losing value and altcoins like Ethereum and Dogecoin also falling, many are examining key support and resistance levels to gauge potential future price movements.
Bitcoin's Struggles
Bitcoin has seen its price drop to $63,600.84, representing a 3.51% decline over the past day. This continues the downward trend from $65,900, suggesting a bearish market sentiment. Moreover, the 24-hour volume surged by 127.72%, indicating intense trading activity, likely driven by large sell-offs. The current support level is $63,000, but if Bitcoin breaks below this, further declines are possible.
Altcoin Situation
Ethereum has also faced challenges, with a break below $2,600 potentially triggering a bearish continuation towards $2,580. Shiba Inu and Dogecoin remain under pressure, with their critical support levels vulnerable to breaks.
The cryptocurrency market is under significant pressure, and traders continue to monitor key support levels to assess future prospects.
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