Bitcoin dips below short-term support
Market overview
The crypto market cap stood at $2.35 trillion on Tuesday morning, roughly the same as it was yesterday and seven days ago. The leaders in growth among the most liquid coins over the past week are the anonymous Zcash and Cosmos, which are widely involved in the tokenisation of debt assets, adding over 20%. At the same time, the leaders in decline during this period are Ethereum (-1.7%), BNB (-1.5%) and Bitcoin (-1.1%). The decline of the largest coins is an ominous sign for smaller ones, as it may soon pull them down with it at an accelerated pace.
Bitcoin technically fell below the support line that ran through the extreme lows of the first half of February, as another attempt to break above $70K on Monday attracted the interest of sellers, which quickly pushed the price back to $67K. On Tuesday morning, BTC is trading near $68K, where it was the day before, but the former support now looks like local resistance. Confirmation of this trend reversal will be a fall below the recent lows of $67K, with subsequent targets at $65K and $60K.
Market overview
The crypto market cap stood at $2.35 trillion on Tuesday morning, roughly the same as it was yesterday and seven days ago. The leaders in growth among the most liquid coins over the past week are the anonymous Zcash and Cosmos, which are widely involved in the tokenisation of debt assets, adding over 20%. At the same time, the leaders in decline during this period are Ethereum (-1.7%), BNB (-1.5%) and Bitcoin (-1.1%). The decline of the largest coins is an ominous sign for smaller ones, as it may soon pull them down with it at an accelerated pace.
Bitcoin technically fell below the support line that ran through the extreme lows of the first half of February, as another attempt to break above $70K on Monday attracted the interest of sellers, which quickly pushed the price back to $67K. On Tuesday morning, BTC is trading near $68K, where it was the day before, but the former support now looks like local resistance. Confirmation of this trend reversal will be a fall below the recent lows of $67K, with subsequent targets at $65K and $60K.
