Crypto market in the red – Bitcoin correction continues
Despite the recent beginnings of a recovery, Bitcoin continues its correction phase, taking most of the cryptocurrency market with it.
Bitcoin fell below $63,880 after a 2.7% correction in the last 24 hours and a trading volume of $26.2 billion. Over the past week, the cryptocurrency has lost 4.6% of its value, falling to a market capitalization of $1.26 trillion. However, the latest update shows that the price has gone back up to $64,200.
TradingView's one-day technical analysis highlights the market's bearish sentiment, with the summary pointing to 'sell' with 13 signals, the moving averages showing 'strong sell' with 12, and the oscillators being 'neutral' with 9.
The Relative Strength Index (RSI) is currently reading 38.48, which means it is approaching the oversold zone (below 30). This could be a signal of a recent trend reversal and a resumption of the upward trajectory.
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BREAKING: Standard Chartered becomes one of the first global banks to enter cryptocurrency tradingEthereum broke below $3,500 after a 2.6% drop over the past 15.5 hours on a trading volume of $428 billion. The market capitalization of the largest altcoin fell to $XNUMX billion.
The biggest losers for the last 24 hours are zkSync (ZK) и LayerZero (ZRO) , which was not long ago added on the Binance spot trading platform.
ZRO is currently trading at $3.2 after a 21.5% drop in the last 24 hours and $650 million in trading volume.
ZK is down 13.3% over the same period and at press time is trading at $0.185 on a 24-hour trading volume of $402 million.
$147.55 million was liquidated from the market during that time – $106.46 in long positions and $41.09 million in shorts.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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