- Bitcoin trades at $102,761-$103,041, down 0.8-0.89% in 24 hours.
- Ethereum saw a 3.5% drop in trading value.
- Significant trader liquidations total $667.09 million.
Recent price declines in Bitcoin, Ethereum, XRP, and Dogecoin reflect broader market reactions, indicating a profit-taking phase post-record highs.
The cryptocurrency market is facing a decline as major cryptocurrencies like Bitcoin, Ethereum, XRP, and Dogecoin exhibit downward trends.
Adam3us shares insights on how Bitcoin recently approached its peak, sparking speculations of profit-taking
among investors. Ethereum experienced a substantial shift, as exchange flows increased significantly, hinting at potential selling activities by holders. XRP and Dogecoin followed
similar patterns, highlighting a possible market correction phase.
The impact on the crypto market is notable, with major assets demonstrating lower values and increased volatility in the recent days. The decrease in transaction volumes, combined
with heightened exchange inflows, indicates sustained selling pressure across top cryptocurrencies.
Bitcoin’s technical analysis reveals crucial trends, with the 200-week moving average continuously rising, suggesting Bitcoin might not drop below $47K again soon. Analysts indicate
that this may signify strong support levels for Bitcoin, providing some optimism despite the market’s volatility.
Bleeker, Crypto Trader, noted, “nothing meaningful has changed in over a month” – Dogecoin Finds Support After Sharp Drop as Bulls Regain Momentum
