The cryptocurrency market is facing a sharp correction phase, as demonstrated by recent data:
1. Total Market Capitalization: Currently at $3.22 trillion, up 3.59% in the last 24 hours, indicating a slight recovery amid a period of intense volatility.
2. Fear and Greed Index: Reading 62/100, the market remains in “greedy” territory, but with signs of caution as investors reevaluate strategies.
3. Bitcoin (BTC): Priced at $93,046.28, down 8.8% in the last 24 hours. This reflects significant selling pressure, possibly as a result of profit-taking after recent highs.
4. Ethereum (ETH): At US$3,115.62, with a sharp drop of 15.78%. The pullback shows weakness in alts, suggesting potential BTC dominance in the coming days.
5. General Trend: Altcoins such as DOGE and ADA have seen drops of over 20%, indicating an outflow of capital from altcoins towards more liquid assets or stablecoins.
6. ETF Volume: Bitcoin ETF volume is negative at -$671.90 million, suggesting a decline in institutional activity. The same is true for Ethereum, which is down -$60.50 million.
Short Term Trends:
• BTC Support: Critical support is around $90,000; any significant loss at this level could pave the way for more significant declines.
• BTC Resistance: In the short term, BTC faces resistance near $95,000; breaking it could signal temporary relief.
Focus on Sentiment and Liquidity:
• The current correction reinforces the importance of monitoring volatility indices and macroeconomic data. BTC dominance (58.59%) highlights a possible capital rotation from altcoins to lower-risk assets.
In short, the market is facing a necessary correction, with medium/long-term upward trends still possible, depending on macroeconomic factors and regulation.#btc $BTC $ETH $XRP