The “no boring days in crypto” trope appears to have gained more validation over the past 24 hours. Just a few hours after Bitcoin (BTC) recorded a new all-time high at $58,480 and seemed to be waxing stronger on its bullish momentum, the benchmark cryptocurrency got racked with one of the sharpest declines in its history.
BTC went into an aggressive bearish spiral, losing over $11,000 to print a fresh weekly low at $47,000. However, the cryptocurrency bulls have sent the price back to the $50k region and are working hard to sustain that psychological level.
That said, Bitcoin’s market capitalization has shed more than $100 billion over the past 24 hours, sending it below the $1 trillion valuation level. The entire cryptocurrency market cap has dropped by about $300 billion over the same period.
Altcoins were not left out in the bearish battering, as the entire cryptocurrency market bleeds. Ethereum (ETH) was down by 17%, falling to the $1,470 level at press time. For better understanding, the second-largest cryptocurrency saw a new ATH at $2,040 during the weekend.
Meanwhile, Binance Coin (BNB), which also printed a new all-time high just a few days ago, has dropped by about -22%. Ripple (XRP) is down by -22%, while Litecoin (LTC) is down by -15%. Polkadot (DOT), Chainlink (LINK), and Cardano (ADA) are down by -18%, -24%, and -16%, respectively.
Key BTC Levels to Watch — February 23
Following its recent drop to the $47k low, Bitcoin staged a goodish bounce to the $55k mark. However, the primary cryptocurrency could not break back above our ascending trendline and met more supply, which sent it below the $50k mark once again.
That said, bulls have to defend the $50k support area or risk BTC falling to lower lows ($45,000) in the coming hours. Nonetheless, a good defense of the $50k mark could send BTC into a mild consolidation between the $52,500 resistance and the $50,000 support.
Meanwhile, our key resistance levels are at $52,500, $54,000, and $55,000. While our key support levels are at $48,500, $47,000, and $45,000.
Total Market Capitalization: $1.45 trillion
Bitcoin Market Capitalization: $909 billion
Bitcoin Dominance: 62%
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