The crypto market began the day with a downturn, triggered by the leading cryptocurrency, Bitcoin, retracing to levels as low as $30,200. As per CoinMarketCap (CMC) data, the total market value of the crypto ecosystem retracted to $1.19 trillion. Double-digit value losses were recorded for some cryptocurrencies influenced by this bearish trend.
Will Bitcoin’s Downturn Intensify?
Bitcoin (BTC), the leading cryptocurrency, started to decline again after rising to price levels around $31,300 at the start of the week. BTC recorded a loss of over 2% within a 24-hour timeframe, with intraday lows of $30,200. The decline in BTC’s value was a significant factor causing a downturn in the crypto market.
As Ethereum (ETH) began trading at $1907, marking a 2.6% decline, the total market value of the crypto ecosystem retracted to $1.19 trillion according to CMC data.
Meanwhile, the volatility in the crypto market increased relative to the start of the week. Coinglass data indicates that short and long positions worth approximately $100 million were liquidated in the last 24 hours.
These Price Levels Are Critical, According to Analyst
Cryptocurrency analyst Michaël van de Poppe evaluated Bitcoin’s current technical outlooks in a series of tweets, pointing to potential price levels that could play a critical role in the near future. He suggested that Bitcoin continues to consolidate at its current price levels, highlighting two different price points for the near future. The analyst argued that for the uptrend to continue, Bitcoin needs to surpass $31,000 once more.
However, the analyst also pointed to a possible further decline in Bitcoin. He mentioned that if Bitcoin continues to lose value and retraces to $30,300 levels, the market could resume an upward trend.
