Crypto market volatility has struck once again, sending Bitcoin and altcoins into a downward spiral. At the start of the day, alerts sounded about the fall of cryptos, plunging into the red again. The total marketcap lost billions in a matter of hours, and the entire sector is facing increasing selling pressure. In this context, Bitcoin and the SUI token seem to be at the forefront.
The crypto market tumbles in the face of selling pressure
The awakening of the Chinese economic dragon has not been without effect on bitcoin and other crypto-assets of the same ilk. Because in 24 hours, the crypto market saw its total capitalization plunged by 10 billion dollarsfalling below the $2.20 trillion mark. Attempts to redress the situation are unsuccessful, and selling pressure continues to increase.
If the situation persists, the marketcap could flirt with the $2.08 trillionor even head dangerously towards 1.91 trillion.
- Loss of 10 billion dollars;
- Current marketcap: 2.17 trillion;
- Critical threshold: 1.91 trillion.
THE crypto SUIfor example, accuses a loss of 7%at the top of the altcoins battered by this wave of massive sales.
Michael van de Poppecrypto analyst, shares an optimistic opinion despite the current storm: “ Dips are buying opportunities ahead of the next all-time high “.
Bitcoin sinks, but buy signals emerge
Bitcoin, for its part, is not spared from this new shock. With a 2.7% drop and a price of $63,900 at the time of writing this article, BTC is feeling the full force of the accelerated sales.
Bitcoin trading volume climbed 2% in parallelwhich suggests further losses to come.
Analyst van de Poppe emphasizes an interesting opportunity around the threshold of 60.5 – 61.3K dollarswhere investors could seek to top up their portfolios before a possible recovery.
BTC, like the entire crypto market, is in the process of test critical support levels which will determine the course of events.
Bitcoin and altcoins collapsed suddenly today, observers did not close their eyes, carefully monitoring the critical thresholds that could redefine the future of the crypto market.
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