The crypto markets are down, with Bitcoin (BTC) falling below $55,000 and trading at $53,937. Major cryptocurrencies like Ethereum (ETH), Solana (SOL), and Toncoin (TON) have also dropped significantly, following Bitcoin’s lead.
The cryptocurrency market has dropped sharply recently, with BTC falling below $60,000 on Thursday and now trading below $55,000. Meme coins have also fallen, and the global market is down nearly 5%, to $2.07 trillion. The Fear and Greed Index shows Fear, suggesting prices might drop further.
Bitcoin Faces Pressure After Recent Price Drops
Bitcoin (BTC) has been declining since being rejected at $64,000 on Monday, despite a bullish weekend. After a slight increase on Monday, BTC fell by 1.25% to $62,106 on Tuesday. The downward trend continued on Wednesday, with BTC dropping just over 3% to $60,215. Selling pressure led to a breach of the $60,000 support level, causing BTC to slump more than 5% to $57,097. This drop also meant BTC lost the 200-day SMA, a critical support level during bull markets. Currently, BTC is down just over 4%, trading at $54,688.
The recent drop coincides with a significant $2.7 billion transaction by Mt. Gox, which has resumed moving large amounts of BTC to an unknown wallet. Traders had hoped BTC would stabilize around the $55,000 level, but this support has also been breached, pushing the price down to $54,640 in the ongoing session. If BTC can recover and rise above $55,000, it might stabilize. However, failing to do so could lead to a more substantial decline.
Bitcoin overview / Source: TradingView
The RSI, now in oversold territory, suggests a potential short-term recovery for BTC.
Ethereum Struggles as $3,000 Support Level Fails
Ethereum (ETH) has lost the crucial $3,000 support level in today’s session, reflecting the strong bearish sentiment in the market. Despite hopes for a bullish turnaround with the approaching Ethereum ETF launch, recent price actions have dampened these expectations. ETH has plummeted by 10.77% in the past 24 hours, falling below this critical support level.
On Monday, ETH struggled with resistance at the $3,500 mark and failed to break above it. The price dropped slightly on Tuesday to $3,418 and saw intensified selling pressure on Wednesday, falling 3.64% to $3,293. By Thursday, the bearish sentiment continued, driving ETH down over 7% to $3,059, just above the $3,000 support level. However, the price slipped below $3,000 during the current session and is now trading at $2,848, down almost 7%.
ETH struggled with resistance / Source: TradingView
If buyers can push ETH back above $3,000, it may move towards the $3,100 and $3,300 range. However, if selling pressure persists, the price could continue to decline. The RSI has entered the oversold region, indicating a potential short-term recovery and suggesting that ETH might return to the $3,000 level.
Weekly Crypto Market Overview: SOL, DOT, TON, SHIB, LTC, ATOM
Solana (SOL): Solana has faced a challenging week, with a nearly 14% drop in its price. After reaching $153.86 on Tuesday, SOL struggled with resistance at the 50-day SMA and dropped by 8.53% to $140.74. On Wednesday, SOL fell over 9% to $127.85 and slipped below the 200-day SMA. Currently, SOL is down by 2.50%, trading at $124.72. A continued decline may see SOL stabilize around $120, where it has support, and a rebound from this level could push it back toward the 200-day SMA.
Polkadot (DOT): Polkadot has experienced a 15% drop this week. It hit a low of $4.92 during the current session but has since risen above $5. On Tuesday, DOT reached $6.52 but faced strong selling pressure. By Wednesday, DOT had fallen nearly 7% to close just above $6. The bearish trend persisted, leading to an 8.57% drop on Thursday, with DOT settling at $5.55, just above the $5.50 support level. Currently, DOT is down nearly 4%, having lost the $5.50 support. If buyers can reclaim this level, DOT might consolidate before attempting to reach $6.
Toncoin (TON): Toncoin has dropped over 11% in the past 24 hours, falling below the 50-day SMA and the crucial $7 level. TON peaked at $8.09 on Tuesday but fell back below $8 to $7.91 on Wednesday. Thursday saw a nearly 10% drop, with TON settling at $7.14. During the current session, TON has slipped below $7 and is trading at $6.59, down by almost 8%. If TON can recover and retake the $7 level, it might see a sustained recovery; otherwise, further declines could occur.
Shiba Inu (SHIB): The meme coin market has suffered, with Shiba Inu losing nearly 18% in the past 24 hours. SHIB failed to surpass $0.000017 and fell by 5.05% to $0.0000163 on Wednesday. On Thursday, SHIB dropped nearly 11% to $0.0000146. The current session shows SHIB down by 8.61%. If the price continues to fall, it might reach $0.000013, where buyers could step in. A drop below this level could lead to a more significant decline.
Litecoin (LTC): Litecoin has seen a dramatic drop of nearly 20% this week. After a strong start, LTC failed to maintain levels above $75 and plummeted below the 20-day SMA to $72.09 on Wednesday. The decline continued on Thursday, with LTC falling below $70 to $65.41. Currently, LTC is down almost 11%, trading at $58.37 after rebounding from a day low of $56.83. If the price recovers, LTC might climb back above $60. The RSI indicates LTC is oversold, suggesting a potential short-term recovery.
Cosmos (ATOM): Cosmos struggled to surpass the 20-day SMA on Monday, and after a small drop on Tuesday, ATOM fell below its $6.50 support level, settling at $6.37. The decline continued on Thursday, with ATOM dropping over 6% to $5.99. The current session shows a staggering 11.24% drop, with ATOM trading at $5.06, recovering from a day low. The RSI in the oversold region suggests a possible recovery, with potential upward movement if ATOM can push above $5.50 and approach $6.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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