The cryptocurrency market has taken a hit in the past few hours. Bitcoin’s price dropped to around $29,000, while Ethereum is trading slightly below $2000.
Bulls are trying to defend these levels, and it’s important to see if there is a crash incoming.
Bitcoin Price Drops Toward $30K
The market was recovering from recent declines as prices were performing relatively well throughout the past 24 hours. Bitcoin had regained $30K.
Unfortunately, in the last hour, the price dropped towards $29K in less than 15 minutes. Longs were the majority of liquidations, suggesting a long squeeze.
Despite hitting $29K, BTC is currently trading around $29,300 as shown in the chart above.
Ethereum Bulls Fight For $2K
Just as $30K is important for Bitcoin, $2,000 is significant for Ethereum. Currently, the price is hovering near it, and bulls are trying to protect it.
The heatmap above shows that all major cryptocurrencies were surprised by this recent drop, and the market is mostly red.
SOL lost around 8.5% of its price. Bitcoin is performing relatively well compared to the rest of the market.
Radix (XRD) remains the best performer for another day. Despite the turmoil, the cryptocurrency increased by 10% in the past 24 hours. However, it lost 9.4% in the past hour. Apart from it, all other altcoins are trading in the red. Arbitrum’s ARB dropped 12.6% and is the worst performer during this period.
It’s interesting to see how the market will respond over the next 24 hours, and whether this is just a temporary correction or the start of a deeper one.
