Crypto currency markets are a sea of red during the morning’s Asian trading session as Bitcoin losses are felt heavier across the rest of the ecosystem.
Around $150 billion has exited markets over the past 24 hours as the total market cap fell from an intraday high of $1.81 trillion to current levels of $1.66 trillion. Technical analyst Michaël van de Poppe has eyed the $1.5 trillion level as critical support.
As long as the total market capitalization for #crypto remains above $1.5 trillion, this one is still very bullish and on the road to $2 trillion. pic.twitter.com/Xt0OPta1OJ
— Michaël van de Poppe (@CryptoMichNL) March 25, 2021
The massive market slump has been let by Bitcoin as usual as the asset fell through support at $54,000 and is heading for the next level.
Following ten days of consolidation, BTC prices broke through support on March 22, and have continued downwards since. The next level of support lies at the 50-day exponential moving average (EMA) which is currently a little over $50,000. This technical indicator is where support was found during the first two corrections according to Tradingview.
At the time of writing, BTC was trading down 2% over the past 24 hours at $53,300 following a low of $51,700 during Asian trading.
Crypto’s Biggest Losers
Ethereum has followed its big brother with a dump of 4% on the day to fall below $1,600 for the first time since March 6. The total correction for ETH since its $2,000+ ATH is 22% to current prices.
These losses are relatively mild compared to some of …
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