The entire cryptocurrency market fell by about 8% over the past 24 hours, as Bitcoin (BTC) extended its correction. The early Asain session today was a bloodbath for the industry and shaved about $150 billion off the market cap of the industry.
The massive drop got precipitated by Bitcoin’s failure to break the crucial $56,700 resistance, as we predicted in a previous analysis.
At press time, the benchmark cryptocurrency is trading around the $52,500 area, after refreshing its two-week lows at $51,533 earlier today.
Meanwhile, Ethereum (ETH) was quick to follow in the steps of Bitcoin and fell by more than 4%, slipping below the $1,600 psychological support.
Uniswap (UNI) recorded a steeper decline than ETH and tanked by more than 10% on the day. Uniswap investors are reportedly disgruntled with the lack of Layer 2 scaling when the DEX releases v3 on May 5.
Theta, which recently climbed to the top ten cryptocurrency standing, got hit hard by the market crash with a 14% decline.
Finally, other tokens that took part in the widespread market decline include Polkadot (DOT) (-17%), Ripple (XRP) (-10%), Bitcoin Cash (BCH) (-9%), and Litecoin (LTC) (-9%).
Key BTC Levels to Watch — March 25
Following its inability to scale the $56,700 resistance, Bitcoin went into a bearish spiral that sent it below the crucial $52,500 support (like we predicted in a previous analysis). The primary cryptocurrency appears to have found some support at the $51,400 pivot zone and has rebounded slightly from the $52,500 area.
That said, BTC stands a risk of falling, once again, into the $51,400 – $48,500 pivot zone, except it can claw its way back above the $54k round figure in the coming hours.
Meanwhile, our resistance levels are at $53,000, $54,000, and $55,000, and our key support levels are at $52,000, $51,400, and $50,500
Total Market Capitalization: $1.64 trillion
Bitcoin Market Capitalization: $981 billion
Bitcoin Dominance: 59.8%
You can purchase crypto coins here: Buy Coins
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.