The past seven days have been a significantly bad one for the cryptocurrency market, as Bitcoin (BTC) and almost all altcoins suffered massive declines. The recent bear market has forced the total capitalization of the crypto market to drop below $2 trillion.
Bitcoin traded on a sideways pattern between $61 and $63k last Friday before losing momentum and going downhill over the coming days.
Last Sunday marked the start of Bitcoin’s woes, after the benchmark cryptocurrency shed about $10k under a few hours, with a whopping $10 billion getting liquidated in less than 24 hours. In the days following this significant price drop, BTC recovered halfway and went into consolidation but couldn’t snap out of the underlying bearish bias. That said, the cryptocurrency saw another massive crash, which sent it below the critical $50,000 support level. At press time, BTC is down by 20% over the past seven days.
Although most altcoins slumped last week, some large-caps like Ethereum (ETH) and Binance Coin (BNB) have relatively positive performances. Ethereum printed a new all-time high at $2,645 three days ago before correcting by recording a massive correction. BNB had a similar trajectory over the week.
That said, Bitcoin’s market dominance has dropped below 50%, indicating that altcoins are making significant strides despite the current market conditions.
Key BTC Levels to Watch — April 25
Bitcoin continues to descend to lower lows as bears take reign. The benchmark cryptocurrency is trading along a bearish tripwire and has broken below the $50k support, just as predicted recently.
BTC is now struggling to regain its standing above the $50k mark amid an absence of trading volume. That said, the inability to climb above the $50k resistance over the coming hours could send the primary cryptocurrency to the $48k support area next.
Meanwhile, our resistance levels are at $50,000, $51,400, and $52,500, and our key support levels are at $49,000, $48,000, and $47,200.
Total Market Capitalization: $1.84 trillion
Bitcoin Market Capitalization: $920 billion
Bitcoin Dominance: 49.9%
Market Rank: #1
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