Why Is Crypto Market Down Today?

In the midst of a bearish trend, Bitcoin risks further correction, while Ethereum and select altcoins like Sui and Near show mixed market movements.
Crypto, Bitcoin, Voice of Crypto 

Key Insights

  • The crypto market is still in the middle of bearish headwinds, with Bitcoin dropping back under $65,000.

  • Bitcoin could be headed for a correction between $62,000 and $60,000 if it falls below $64,500.

  • After failing to break past $3,655, Ethereum is back down to $3,500. The bulls need to regain control of things to avoid a possible drop below $3,430.

  • Sui is one of the few gainers in the market, attempting to reclaim the $0.8964 level.

  • Near is also trying to break back above its previous ascending trendline at $5.73.

The crypto market has slid downwards again today, by another 1%, with Bitcoin back below $65,000.

The crypto heatmap shows more than a “considerable” amount of red, with almost all of the cryptocurrencies on the market turning red over the last day.

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

The crypto market’s heatmap

So far, Bitcoin and Ethereum have maintained their dominance over the last day, suggesting that the current market downturn is more of a general than a concentrated event.

According to data from Coinglass, the last 24 hours have seen a slight spike in liquidations, with around $122 million taken from traders overall.

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

The crypto liquidation heatmap

While around $72 million was taken from the bulls overall, the bearish liquidations were slightly milder overall, with $50 million taken from the bears.

Today, the market continues to consolidate, with the bears having a slight edge against the bulls on most timeframes.

Is All Hope Lost For Bitcoin?

Bitcoin continues to teeter on the edge of a drop below $64,500, with the bears taunting the bulls and investors currently in one of the most confusing situations.

<div class="paragraphs"><p>Bitcoin's price performance</p></div>

Bitcoin's price performance

The chart above shows that Bitcoin is currently mere inches from breaking below the $64,500 zone and could be on the verge of a possible correction to between $62,000 and $60,000.

With this being said, it is essential to keep off trading Bitcoin with longs for now, at least until conditions show improvement in favor of the bulls.

Ethereum: Is The Attempt To Break $3,500 Over?

Ethereum rallied only a few days ago over reports that the US Securities and Exchange Commission was dropping its investigation into Ethereum 2.0.

The cryptocurrency spiked and broke above the $3,600 zone but was unable to break above the previous local high of around $3,655.

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

Ethereum’s price action

The chart above shows that the bears appear to have caught up to the cryptocurrency, bringing it further down to the $3,500 zone where it now sits.

As shown by the chart above, Ethereum's bulls need to take action from here and push the cryptocurrency into a recovery, considering how another break below $3,430 might not be so easy to remedy this time around.

A Valid Comeback On Sui?

According to the charts, Sui broke below the crucial $0.8964 price level and eventually plunged straight down to the next support level around $0.76, as shown:

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

SUI’s price action

However, the bulls stepped in, preventing further decline—and now, Sui is up by around 3% over the last day, emerging as one of the best performers among the top 100 cryptocurrencies.

SUI is retesting this $0.8964 price level once again and should be able to break and consolidate for a while above it.

Investors should watch what happens around this price level. If a daily candle close occurs above, it would mean that the bulls are back in action and that a possible SUI rally could be incoming.

Does Near Protocol Get Another Chance?

According to the charts, Near broke one of the biggest multi-month streaks on its daily chart when it plunged below the ascending trendline, as illustrated, and crashed to $4.44.

Since breaking below the general market slump last week, the cryptocurrency has made a 20% comeback and is attempting to break above the ascending trendline once again.

If we see a break above this price level, particularly above the $5.73 level, it might be clear that the bulls are back in business and that Near is ready for longs.

However, as long as the cryptocurrency trades underneath this price level, further reversals are possible, and trading with caution is advised.

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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