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While significant fluctuations continue in cryptocurrencies, the market appears to be consolidating between $58,000 and $62,000. Some analysts predict a drop to $54,000, while others foresee a rise to $64,000, potentially leading to a movement towards $70,000. Amidst all this, let’s take a look at the general state of cryptocurrencies, Bitcoin, and an altcoin that has declined after days of rising.
Current State of Cryptocurrencies
The total value of the cryptocurrency market today is consolidating between $2.11 trillion and $2 trillion. Both ranges have been tested as resistance and support in the past, making them stronger.
Due to the prevailing bearish sentiment, a return from the $2 trillion level is considered more likely than from $2.11 trillion. Recent sales and uncertainty due to US CPI data suggest that the ongoing downtrend might hinder the expected rise.
More importantly, if the support level at $2 trillion is lost, a decline to $1.88 trillion could occur, putting investors in a tougher spot.
Bitcoin Price
Bitcoin’s price moved above $60,000 after a 4% increase in recent days, creating a sense of continued rise. However, BTC fell below $58,000 yesterday, indicating a failed rebound.
As of the time of writing, BTC was at $58,400 after a 0.64% rise. Despite this rise, BTC needs to reclaim its previous support level of $63,000 and then move towards $65,000 to compensate for recent losses. If the decline continues, BTC could drop to $54,500.
SATS Declines
SATS, which made headlines with its rise in recent days and an impressive 18% increase in the last 7 days, saw a 12% decline within 48 hours, bringing the altcoin to $0.0002906. After this price drop, the crypto asset remained below the next critical resistance level of $0.000349.
Following this price movement, a scenario where the altcoin could drop to $0.000253 exists, potentially causing SATS investors to lose some of their recent gains. Although a rise seems difficult amidst current market conditions, if successful, SATS could exceed $0.000349, eliminating the bearish outlook.
