Cryptocurrency Market Bleeds as Bitcoin Records Another Sharp Correction

Cryptocurrency Market Bleeds as Bitcoin Records Another Sharp Correction

Following a brief retest of the $60k area yesterday, Bitcoin (BTC) has fallen off a cliff by more than $4,000, dragging the entire cryptocurrency market along. The latest correction occurred over the past 24 hours but has since recovered above the $56k level.

According to a report by Glassnode, the number of whales holding at least 1,000 BTC has dropped over the past few days to a monthly low of 2,270 from 2,500 from mid-February.

Although most altcoins remained unmoved by the Bitcoin decline, the top altcoins saw significant declines as well. Ethereum (ETH) fell by more than 2%, dropping below $1,800.

Binance Coin (BNB) also dropped by 2%, Uniswap (UNI) by -3%, and Litecoin (LTC) by 3%. Cardano (ADA), Polkadot (DOT), and Chainlink (LINK) dropped by 4.5%, 5%, and 5%, respectively.

Meanwhile, Ripple (XRP) was the only top altcoin that did not record a significant drop but rallied to a new monthly high above $0.54. The XRP is mostly trading independently from the rest of the market because of its ongoing legal battle with the SEC.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — March 21

Following the healthy rebound from the $55,500 support, Bitcoin will likely attempt the $56,700 resistance in the coming hours. That said, the benchmark cryptocurrency has to post a sustained break above the $56,700 resistance given the confluence of barriers at that level or risk sliding below the $55,500 support in the coming hours and days.

Meanwhile, our resistance levels are at $56,700, $58,000, and $59,000, and our key support levels are at $55,000, $54,000, and $52,500.

Total Market Capitalization: $1.77 trillion

Bitcoin Market Capitalization: $1.06 trillion

Bitcoin Dominance: 60%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.