Today, the cryptocurrency market is colored red. The decline began yesterday near the end of the trading session. The stability shown last week seems to have disappeared.
Bitcoin leads the downward spiral after a sharp fall below the $ 3,500 support. The largest coin is still being adjusted down by 3.36% in the last 24 hours. Looking at the auction last week, it is clear that BTC was stable between resistance at $ 3,600 and support at $ 3,500. However, BTC started trading this week with a sharp drop, testing the level of $ 3,400.
Signals from technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence-Discrepancy Indicator (MACD) are still negative. The BTC / USD pair is trading at $ 3,474, besides, a bearish momentum continues in the short term, which can lower the BTC price below $ 3,400 if support is not established.
After a week of stability, awakened bears sent the market down, dropping at least $ 7 billion in just a few hours. The total market capitalization has decreased significantly, updating the 2019 lows to $ 114 billion.
What do you think about the situation in the cryptocurrency market?
