The cryptocurrency market, including Bitcoin and major altcoins, is experiencing intense selling and the market sell-off is not yet complete.
Bitcoin fell sharply, resulting in $1 billion in liquidations for derivatives traders.
The reason for the sell-off is unclear, but confusion surrounding SpaceX’s alleged write-down of its Bitcoin holdings may have been a trigger.
Analysts expect Bitcoin to continue its downtrend in the near term.
Important support levels to watch for Bitcoin include $24,800 and $20,000.
Ether turned down and broke below immediate support at $1,816, indicating bearish control.
BNB broke below a symmetrical triangle pattern and closed below the support at $220.
XRP tumbled below the breakout level of $0.56, indicating continued selling pressure.
Cardano dropped below a descending channel pattern, indicating accelerated selling.
Solana broke below moving averages and horizontal support at $22.30.
Dogecoin slipped below the support line of an ascending channel pattern.
Polkadot’s tight range trading expanded to the downside, nearing critical support at $4.22.
Polygon broke below the $0.65 support and fell below the next strong support at $0.60.
Litecoin went into a tailspin after breaking below support at $81, falling to $56.
Summary:
– Bitcoin and major altcoins are experiencing intense selling.
– The reason for the sell-off is unclear, but confusion surrounding SpaceX’s alleged write-down of its Bitcoin holdings may have been a trigger.
– Analysts expect Bitcoin to continue its downtrend in the near term.
– Key support levels to watch for Bitcoin include $24,800 and $20,000.
– Other cryptocurrencies such as Ether, BNB, XRP, Cardano, Solana, Dogecoin, Polkadot, Polygon, and Litecoin are also facing selling pressure and breaking key support levels.
