The market value of global Cryptocurrency has fallen by more than 5% in the past 24 hours.The price of BTC has lost critical support in the past 24 hours and may soon drop to $23800
- The market value of global Cryptocurrency has fallen by more than 5% in the past 24 hours.
- The price of BTC has lost critical support in the past 24 hours and may soon drop to $23800.
- As of the time of publication, BTC's trading price after a 3.46% decline in the past 24 hours was $25573.26.
According to data from CoinMarketCap, the market value of global Cryptocurrency has plummeted by more than 5% in the past 24 hours. The decrease is mainly attributed to the SEC's attacks on Binance and Coinbase, resulting in a total decrease of around $1.05 trillion as of the time of publication. Bitcoin (BTC) is one of the Cryptocurrency affected by large-scale selling in the past 24 hours.
After a 3.46% drop on the last day, the price of BTC was $25573.26. In addition, its recent price trend means that the weekly performance of the leading Cryptocurrency is further in the red. As of press release, Bitcoin prices have fallen by 5.80% in the past 7 days.
Although BTC's price fell for 24 consecutive hours, its performance during this period was still 0.96% higher than that of its largest competitor, Ethereum (ETH). Its daily trading volume also increased by 24.27%. Therefore, as of the time of publication, BTC's 24-hour trading volume was $14600947679.
From a technical perspective, the price of BTC has fallen below the critical support level of $26200 in the past 24 hours and continued to trade below that level during the press release. Technical indicators show that in the next 24-48 hours, the price of Cryptocurrency will be in line with the next key support of $25270.
As of the time of publication, the 9-day moving average is below the 20-day moving average. This indicates that the price of BTC is in a short-term bearish cycle and will continue to decline in the coming days.
If the price of BTC falls below the above $25270 support level within the next 24 hours, it is likely to drop to $23800 in the following week. However, bulls may view this potential drop below $25270 as a buying opportunity, which will subsequently force BTC prices back above critical levels.
On the other hand, if BTC's price can remain above this price point within the next 48 hours, it will consolidate between $25270 and $26200 next week, or rise in the next few days. If the price of BTC rises quickly, it may return to above $26200 and pull that level back to support.
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