๐ The cryptocurrency market is down by -5.45% and reached $2.81 trillion. The main reason is the mass liquidation of leveraged positions, which has been exacerbated by large outflows from ETFs and a sharp drop in Bitcoin to $81,000.
๐ก Secondary factors: the decline in gold prices (-8.2%) and Binance's announcement of converting $1 billion from stablecoins to Bitcoin, which added uncertainty to the market.
๐ฎ Short-term forecast:
โข Support at $2.81 trillion may provide a bounce back to $2.95 trillion.
โข A breakdown of this level risks a deeper correction to ~3.1 trillion USD (the 38.2% Fibonacci level), if outflows from ETFs continue.
#cryptocrash #bitcoin #CryptoMarket #altcoins #FinancialAnalysis
๐ก Secondary factors: the decline in gold prices (-8.2%) and Binance's announcement of converting $1 billion from stablecoins to Bitcoin, which added uncertainty to the market.
๐ฎ Short-term forecast:
โข Support at $2.81 trillion may provide a bounce back to $2.95 trillion.
โข A breakdown of this level risks a deeper correction to ~3.1 trillion USD (the 38.2% Fibonacci level), if outflows from ETFs continue.
#cryptocrash #bitcoin #CryptoMarket #altcoins #FinancialAnalysis