Crypto Market Tumbles: Bitcoin Plunges Under $59K, Ethereum Barely Above $3,200

The crypto market endures a slump as Bitcoin dips below $60,000, with potential for further losses or a reversal for Ethereum, while Worldcoin and Bittensor hint at gains.
Crypto Market Tumbles: Bitcoin Plunges Under $59K, Ethereum Barely Above $3,200

Key Insights

  • The crypto market is currently experiencing a major downturn, with Bitcoin falling below $60,000.

  • The liquidations have been heavy so far, with bears dominating the market.

  • Bitcoin faces a possible further decline if the support at $56,552 breaks.

  • Ethereum might see a trend reversal if bulls hold the $3,231 support.

  • Worldcoin stands out from the rest of the top 100 with a 9% gain and can even continue climbing.

  • Bittensor ($TAO) shows signs of recovery with shorter red candlesticks and a possible 50% upswing soon.

The bears appear to have taken further control of the market once again, considering the ongoing 4% decline in the total crypto market cap and Bitcoin's break below the $60,000 zone in the last 24 hours.

The crypto heatmap shows that Bitcoin trades around the $58,000 zone, with Ethereum barely above $3,200.

<div class="paragraphs"><p>The crypto market’s heatmap</p></div>

The crypto market’s heatmap

As shown above, the market is now completely red, indicating a strong bearish presence.

In terms of liquidations, the derivatives market has been through a severe bloodbath in the last 24 hours, with the leveraged traders losing around $261 million to liquidations.

<div class="paragraphs"><p>The crypto liquidation heatmap</p></div>

The crypto liquidation heatmap

While the bears lost a relatively meagre $30 million the previous day, the bullish liquidations come in at around $231 million, indicating that the bears have almost absolute dominance over the market today.

Investors are advised to approach the market with caution from here, going forward.

Will Bitcoin Price Fall Further?

As shown in the chart below, Bitcoin appears to be in the middle of the aforementioned freefall, with no relief in sight.

<div class="paragraphs"><p>Bitcoin’s freefall</p></div>

Bitcoin’s freefall

We now have Bitcoin hanging over the $56,552 price support from early May, and the closer the cryptocurrency gets to this price level, the more likely a decline and further fall becomes.

Investors are strongly advised to approach Bitcoin with caution going forward.

A Crucial Ethereum Support

Ethereum joined in the crash with Bitcoin and the rest of the crypto market over the last day.

However, Ethereum is showing a comparative strength in terms of price action, considering its retest of the ascending trendline shown below:

<div class="paragraphs"><p>Ethereum’s price action</p></div>

Ethereum’s price action

Ethereum now hangs over the $3,231 support, and the bulls can turn the tide in their favour from here.

If the bulls take action quickly enough, we might see an established trend reversal on the cryptocurrency, which would take it on another journey towards $4,000.

However, if we see a break below this $3,231 support, the resulting crash would be devastating, and Ethereum's standing above $3,000 is not guaranteed.

Worldcoin Rules the World

In the middle of all this red, Worldcoin is the only cryptocurrency among the top 100 with green on its price.

In fact, the cryptocurrency has been up around 9% over the last 24 hours, indicating that its bulls are present and taking decisive action.

<div class="paragraphs"><p>Worldcoin’s price action</p></div>

Worldcoin’s price action

We can see in the chart above that Worldcoin is bullish today because of its retest of the $2.1 price level.

So far, the cryptocurrency has declined by around 82% from its March 9th high of around $12. As long as we don't see a break below $2.1 or the psychological $2 price support, Worldcoin can go nowhere but up.

Recovery on Bittensor ($TAO)?

Speaking of recoveries, we have something promising on TAO, as shown below.

<div class="paragraphs"><p>TAO in the charts</p></div>

TAO in the charts

It’s a long shot, but TAO has a chance of recovering from the $223 price level and making its way up from here.

We continue to see shorter and shorter candlesticks on the daily timeframe, indicating that the bears might be tiring out, and that the bulls have a chance to change things in their favour.

If a break below $223 doesn't occur on TAO, the cryptocurrency will present an excellent long opportunity, with a possible 50% climb to its next major resistance around $341.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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