Will Cryptocurrencies Rebound After a Week of Market Turmoil? 🤔️
The cryptocurrency market experienced a challenging week, with its worst performance since November 2022. The total market capitalization struggled to remain above $1 trillion.
Bitcoin, which accounts for almost 50% of the market, faced losses following Elon Musk's #SpaceX reportedly selling its #Bitcoin holdings. This led to significant liquidations across crypto derivatives.
Macro factors, such as global stock market losses and economic concerns in China, added pressure. Technical indicators like the potential #head-and-shoulders pattern on the weekly chart further raised worries. If this pattern continues, the market might reach a downside target of $751 billion by 2023's end.
