Bitcoin (BTC) resumed its bearish spiral earlier today, as the benchmark cryptocurrency looks to retest this week’s low at $30k, according to Bitstamp.
Bybt revealed that the crypto market recorded liquidations of over $1.2 billion over the past 12 hours. At press time, BTC is down by -13%.
Meanwhile, the total cryptocurrency market cap fell from $1.6 trillion to a daily low of $1.23 trillion, a whopping $400 billion decline.
The cryptocurrency fear & greed index is at record lows as retail traders panic sell their holdings, further pushing the market lower. That said, the #cryptocurrency has become one of the top trending tags on Twitter globally.
Compared to the altcoin sector, Bitcoin trades a bit firmly as it reclaims chunks of market dominance. Some lower-cap altcoins are down today by over 90%, making Bitcoin’s -18% (at daily low) plunge oddly impressive.
News about China’s reiteration of a ban on Bitcoin and other cryptocurrencies rocked the market this week and triggered the ongoing sell-off.
Additionally, the current market volatility has affected even some stablecoins, fabled for their stability. USDT, a Terra-backed cryptocurrency, broke its peg earlier today, dropping to the $0.95 mark.
However, as the markets continue to crash, reports show that a significant increase in long positions is getting recorded on futures exchanges, especially BitMEX and Binance.
Key Bitcoin (BTC) Levels to Watch — May 23
Bitcoin remains on a bearish course towards $30k, despite being heavily oversold. At press time, the primary cryptocurrency trades between $33k and $32k as bears show no signs of a slowdown.
While the likelihood of BTC hitting $30k over the coming hours is high, we could see a sharp reversal from its current level higher. However, the primary cryptocurrency needs to post a clean break above the 50 SMA around $36.5k to regain any inkling of bullish traction.
Meanwhile, our resistance levels are at $33,000, $34,200, and $36,000, and our key support levels are at $32,000, $31,000, and $30,000.
Total Market Capitalization: $1.31 trillion
Bitcoin Market Capitalization: $612 billion
Bitcoin Dominance: 46.7%
Market Rank: #1
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