Ethereum
Bitcoin (BTC) Price Falls Below $61,000, Ether (ETH) Below $3,000 as Crypto Correction Deepens
Bitcoin (BTC) gave up its entire rebound following Saturday’s panic selling, dipping below the $60,000 level in the morning of Wednesday’s U.S. trading session.
After rebounding above $64,000 earlier on Wednesday, bitcoin fell to $59,900, down more than 3% in the past 24 hours and its lowest price since early March. At press time, it was trading at $60,200.
Ether (ETH)the second-largest crypto asset by market capitalization, fell below $3,000, down 2.5% during the same period.
The weakness carried over into most crypto markets, with all CoinDesk Market Indices (CMI) sectors being in the red, while the broader market CoinDesk 20 Index lost 1.8%.
The spot market order book for BTC-USDT on crypto exchange Binance, the most liquid trading pair, shows bids clustered below $60,000, surpassing sell orders. This indicates strong demand below this level, which could halt further price declines, at least in the short term.
Today’s decline confirms that cryptocurrencies are going through a cooling phase after a multi-month rally that peaked last month. Since then, Bitcoin has lost more than 15% from its last all-time high, while some altcoins are down 40-50% from their recent highs, which is not unusual compared to previous market pullbacks. crypto bullish, according to Glassnode data.
Bitcoin investor behavior suggests market weakness could continue for some time as major investors haven’t yet started buying the dip at current prices, Joel Kruger, market strategist at LMAX Group, said in a market update Wednesday.
“The latest blockchain data shows that large bitcoin holders are hesitant to gain further exposure to the current decline, suggesting we could still see further weakness or consolidation before bitcoin is ready to move higher “Kruger said.
The crucial technical level to watch for BTC is $59,000, referring to an important support zone where prices bounced twice through March, he added.
“If bitcoin can sustain above this level, it will remain squarely focused on its next push to a new record high and towards $100,000,” Kruger said. “If, on the other hand, we see more downward pressure that results in a break below $59,000, this will delay the near-term bullish outlook and open the door for a more significant correction in the area $45,000 to $50,000.”
UPDATE (April 17, 4:11 p.m. UTC): Adds order book data.