The crypto market fell over 7% in the last 24 hours, with the global market cap now at $930 billion. In the last 24 hours, the crypto market saw total liquidation of $307.58 million, with almost $250 million in longs liquidated. Bitcoin and Ethereum prices fell below $20K and $1.5K for the first time since January.
Bitcoin price currently trades at $19.8K, after an 8% fall. The 24-hour low and high are $19,895 and $21,796, respectively. Meanwhile, Ethereum price also dropped 8% and is trading at $1,421 at press time. The ETH price made a 24-hour low of $1,415 amid massive liquidation.
After U.S. Fed Chair Jerome Powell hawkish comments and Silvergate Bank debacle, fresh fears were sparked by macro factors, President Joe Biden imposing a 30% tax on electricity use for crypto mining, and New York AG suing KuCoin amid the “Operation Choke Point 2.0“.
Possibilities of Bitcoin Price Falling to $15K and Ethereum to $1K
Bitcoin and Ethereum prices fall to $15K and $1K is not outside the realm of possibility. Worsening macro amid rising inflation indicates a move near the numbers again despite jobless claims showing signs of a slowdown in the labor market.
On-chain metric Bitcoin Miner Reserve USD indicates that miners are intensively reducing their reserves since January-end. It is one of the major factors that caused a correction.
In March, selloff by miners is putting extra pressure on Bitcoin. As per the on-chain data, if miner pressure continues to increase amid other factors, BTC price could fall to $19K or $16.6K. It is because there’s a volume gap between these levels. Thus, if prices fall below $19K it will trigger another selloff as the next local bottom is near $16.6K.
On the other hand, Ethereum needs to hold the $1,400 level. If the ETH price amid the bearish sentiment falls below this level, the next major support level is at $1,250. Investors need to watch the Ethereum Shanghai upgrade to decide their next action as ETH unlock may cause a selloff.
$BTC needs to hold 18.5k or it’s goblin town
— Cheds (Trading Quotes) (@BigCheds) March 10, 2023
#Bitcoin | The TD Sequential presents a buy signal on $BTC daily chart.
Watch out for the 200SMA at around $19,300. This level must hold to prevent #BTC from dropping further and serve as a rebound zone. pic.twitter.com/IP8UjzTshv
— Ali (@ali_charts) March 10, 2023
$BTC
bought some spot here, we can still trend lower to weekly demand.Testing 200day MA currently after rejecting 200W MA & $25K. pic.twitter.com/JmdbqlRgks
— Skew Δ (@52kskew) March 10, 2023
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
