Crypto market is back in the red zone since yesterday after the premier cryptocurrency, Bitcoin fell below the $20k mark.
The global crypto market fell below the $900 million mark, settling at a value of $877.60 billion. As of 24 hours, this is a decrease of 3.63% with major cryptocurrencies such as Ethereum and DOGE turning ‘red’.
The premier crypto, Bitcoin fell below the $20k support mark, reaching even below $19k at one point. However, the crypto recovered from that shortfall. As of now, Bitcoin trades at $19,375 per coin. The BTC market sentiment also weakened as fear crept in with the drop in prices. In fact, the BTC chart is traversing within the descending channel pattern according to the daily time frame.
According to WazirX’s trade desk, an immediate support for Bitcoin is expected at $17,700.
The world’s most popular altcoin, Ethereum shared a similar trend, dropping $1,020 per coin. However, Ethereum recovered soon reaching $1,060 per coin as of writing. ETH tried to cross $1,280 (the resistance level) multiple times. However, ETH couldn’t do so and met with rejection every time.
According to the analysts, the daily trend for Ethereum has formed a descending triangle pattern and is trading close to the support levels. Also, immediate support for Ethereum is expected at $890.
CEO and founder of Cashaa, Kumar Gaurav stated that the crypto meltdown is a reality that is getting more real every day. Moreover, the list of crypto firms facing the burnt is increasing too with the latest names such as Vauld, Voyager Digital, and Huobi Thailand.