THE CRYPTO CAP SINKS BELOW $2.00 TRILLION
Market picture
Pressure on the crypto market returned on Tuesday and intensified on Wednesday morning, with capitalisation falling 4.8% to $1.98 trillion. This is below the psychological support line that attracted buyers for most of August and is the lowest level since August 8th. The nature of the decline early in the day suggests another wave of stop orders during a period of reduced liquidity, so it is too early to say that the $2 trillion support has been breached.
On Tuesday, bitcoin sellers took the initiative first on the approach to $60K and then at $59K, supported by the growing sell-off in traditional markets. Bitcoin fell to $55.5K at the peak of the decline before stabilising at $56.4K. Current levels acted as support during the May and July declines, but the trend of lower local lows sets up a reversal at $54K at the earliest.
Like other altcoins, Ethereum's local high was on August 24th, two days before Bitcoin reversed and interrupted a corrective rebound. Technically, a retest of the August 5th lows around $2100 is now more likely.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.