Bitcoin’s critical support at $56K could stabilize or signal further declines.
Ethereum’s key support at $2,320 may attract buyers or indicate deeper correction.
Cosmos (ATOM) shows heightened activity whereby $4.00 support could stabilize price.
The global cryptocurrency market has taken a sharp downturn, with its market capitalization falling 4.22% in the past 24 hours. Major cryptocurrencies like Bitcoin, Ethereum, Solana, and Cosmos (ATOM) are all seeing significant losses.
As per Coinmarketcap data at press time, Bitcoin, priced at $56,437.34, has seen a decline of 4.37% in just one day. The price trend indicates a sharp downturn from around $58,980 to its current level. Support levels for Bitcoin are critical.
Read also: Analyst Predicts Bitcoin at $200K, Ethereum at $15K in 2024 Bull Run
The first key support is at $56,000. If the price holds above this, it could stabilize. However, should it break below $56,000, the next support level to watch is $55,000, where buying interest may emerge to stem further declines.
Source: Coinmarketcap
Resistance levels are at $58,000 and $59,000. If Bitcoin can recover, $58,000 might act as a resistance poi…
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