The crypto market fell over 7% in the last 24 hours, with the global market cap now at $930 billion. In the last 24 hours, the crypto market saw total liquidation of $307.58 million, with almost $250 million in longs liquidated. Bitcoin and Ethereum prices fell below $20K and $1.5K for the first time since January.
Bitcoin price currently trades at $19.8K, after an 8% fall. The 24-hour low and high are $19,895 and $21,796, respectively. Meanwhile, Ethereum price also dropped 8% and is trading at $1,421 at press time. The ETH price made a 24-hour low of $1,415 amid massive liquidation.
After U.S. Fed Chair Jerome Powell hawkish comments and Silvergate Bank debacle, fresh fears were sparked by macro factors, President Joe Biden imposing a 30% tax on electricity use for crypto mining, and New York AG suing KuCoin amid the “Operation Choke Point 2.0“.
Possibilities of Bitcoin Price Falling to $15K and Ethereum to $1K
Bitcoin and Ethereum prices fall to $15K and $1K is not outside the realm of possibility. Worsening macro amid rising inflation indicates a move near the numbers again despite jobless claims showing signs of a slowdown in the labor market.
On-chain metric Bitcoin Miner Reserve USD indicates that miners are intensively reducing their reserves since January-end. It is one of the major factors that caused a correction.
In March, selloff by miners is putting extra pressure on Bitcoin. As per the on-chain data, if miner pressure continues to increase amid other factors, BTC price could fall to $19K or $16.6K. It is because there’s a volume gap between these levels. Thus, if prices fall below $19K it will trigger another selloff as the next local bottom is near $16.6K.
On the other hand, Ethereum needs to hold the $1,400 level. If the ETH price amid the bearish sentiment falls below this level, the next major support level is at $1,250. Investors need to watch the Ethereum Shanghai upgrade to decide their next action as ETH unlock may cause a selloff.
$BTC needs to hold 18.5k or it’s goblin town
— Cheds (Trading Quotes) (@BigCheds) March 10, 2023
#Bitcoin | The TD Sequential presents a buy signal on $BTC daily chart.
Watch out for the 200SMA at around $19,300. This level must hold to prevent #BTC from dropping further and serve as a rebound zone. pic.twitter.com/IP8UjzTshv
— Ali (@ali_charts) March 10, 2023
bought some spot here, we can still trend lower to weekly demand.
Testing 200day MA currently after rejecting 200W MA & $25K. pic.twitter.com/JmdbqlRgks
— Skew Δ (@52kskew) March 10, 2023