The cryptocurrency market was hit last night. Bitcoin (BTC) has lost 3.8 percent of its value in the last 24 hours, and Ethereum (ETH) has plunged 4.9 percent over the same period. The cryptocurrency industry appears to be in a bear market, and the effect can be seen in the price of most cryptocurrencies. Here are the latest changes and expectations in prices…
The cryptocurrency market fell sharply
According to the available data, Bitcoin (BTC) fell below $35,000 and Binance $34,500. Ethereum, on the other hand, seems to be trading slightly above the $2,500 level. This indicates that the cryptocurrency market continues to decline and there is increasing selling pressure in the crypto industry. The total cryptocurrency market cap also dropped to $1.67 trillion.
After Bitcoin and Ethereum, cryptocurrencies such as BNB (BNB), XRP, Solana (SOL) came to the fore with 3 percent decreases in the last 24 hours. In the same period, Cardano (ADA) 3.3 percent, Terra (LUNA) 10.3%, Dogecoin (DOGE) 1.3 percent, Polkadot (DOT) 3.1 percent, Avalanche (AVAX) 2.6 percent, Shiba Inu (SHIB) 4.3 percent, Near (NEAR) 4.3 percent. 1.4 depreciated. Among the major cryptocurrencies by market cap, it looks like Terra (LUNA) has taken the biggest hit, with a 10 percent loss.
Analyst explains his outlook on Bitcoin price
Crypto analyst Michaël van de Poppe reveals the next possible steps for Bitcoin (BTC). The analyst said that after the sharp drops in stocks, Bitcoin has hit support levels. Suggesting that this decline is impulsive, the analyst states that liquidity is usually taken below $37,000. Van de Poppe also underlines that the correction on May 5 recorded the highest volume increase on the two-hour chart since December, when Bitcoin fell from $56,000 to $42,000.
Van de Poppe said that to flash signs of life, Bitcoin needs to recover $37,500. Van de Poppe said a recovery from the $37,500 level could inspire a rally to $40,500. The trader also states that the levels he is watching are $36,300, $34,800 and $32,000.
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