Author: Bitpushnew Mary Liu
The cryptocurrency market started this week with a significant drop. In the past 24 hours, Bitcoin has dropped 5%, briefly falling below the bar of $ 91,000, reaching a new monthly hollow. Other major cryptocurrencies have also experienced decreases: Solana (soil) fell by more than 16%, Ethereum and XRP fell 12%, while BNB experienced a relatively “light” drop by 6%. More than 90% of tokens in the top 100 by market capitalization reported losses.
According to Coinglass data, at the time of writing, the total liquidation amount on the cryptography market in the last 24 hours has reached $ 950 million, mainly from long positions, with a total of 314,902 people liquidated on a global scale.
Bitcoin: the 200 -day mobile average determines future orientation
The analyst of the tradingView graph Tomarket said that the Bitcoin daily graphic (BTC / USD) shows that the price is currently in the consolidation phase, with the limited fluctuation range in a clear beach (the blue rectangular area in the graph above). This scheme indicates that the market is in a dead end between bulls and bears, neither of the two parties having a clear advantage.
From a technical point of view, the key resistance level is between $ 100,000 and $ 103,787. An escape above this level could trigger a new series of upward movements, targeting $ 108,734 to $ 110,266. On the other hand, the level of short -term support is around $ 96,484 at $ 97,065. A drop below this level could trigger additional sales pressure. In the long term, the area between $ 89,533 and $ 84,773 (Mobile average at 200 days) is a significant level of support, historically a strong demand zone on trendy markets.
The 200 -day mobile average ($ 84,773) is a key level of long -term support, and if the price is recovered in this area, it can arouse purchase interest.
In terms of potential market orientation, if the price falls below $ 96,000, this may indicate increased sales pressure, more probe the area from $ 89,533 to $ 85,000, and even the rupture of the Mobile Mobile 200 days could trigger a deeper correction. Conversely, if it exceeds $ 103,787, it can trigger a continuation of the upward trend, targeting $ 108,734 and $ 110,266, with the possibility of exceeding $ 120,000 to set a new historic summit.
In summary, Bitcoin is currently in the consolidation phase, the 200 -day mobile average being a key level of long -term support. Traders should closely monitor pricing in these critical fields to assess the next market management.
Ethereum faces a significant drop, the feeling of the market becomes careful
A possible reason for the poor performance of ETH is that some traders previously expected the purchase of a large amount of eTh on the free market to cover losses, but this hypothesis has proven incorrect, forcing the traders to close their positions.
The data show that on February 24, the open interest in Ethereum’s term contracts increased from 8.82 million ETH to 8.52 million ETH, which indicates that traders close positions with leverage . The well-known cryptocurrency analyst, Crypto Rover, warned on Twitter that if Ethereum (ETH) continues to decrease considerably, this could raise concerns about whether the Altcoin season can persist.
The chain data show that in the last 24 hours, the number of Active Ethereum addresses has decreased by 7% to 450,000, which suggests that network activity can be down. From the point of view of the technical analysis, the price of the ETH fell below the 50 -day mobile average, indicating a lower momentum. @Manofbitcoin analyzed on the X platform that the ETH support level is between $ 2,512 and $ 2,305. Only a supported escape greater than $ 2,919 would confirm an upward trend.
In summary, Ethereum is currently faced with significant drop pressure and the feeling of the market becomes careful. The impact of liquidations with leverage and the appeal incident have intensified price volatility. The potential decrease in ETH prices could have a training effect on the Altcoin market, and investors must closely monitor key support and market feelings.
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