Crypto Market Faces Turbulence as Bitcoin, Ethereum, and Dogecoin in Red

The cryptocurrency market is experiencing a turbulent period as major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin enter the weekend wrapped in red. The global cryptocurrency market capitalization is trading relatively flat with a 0.3% gain to $2.08 trillion.

Bitcoin’s Struggle

Bitcoin, the leading cryptocurrency, is currently battling to reclaim the $60,000 level. Crypto trader Jelle commented, “Bitcoin is still battling the mid-level of this channel – and having a hard time getting back above it. $60,000 is the level to reclaim. Until then, choppy waters”. This sentiment is echoed by many traders who see the $60,000 mark as a critical level for Bitcoin’s further movement.

Ethereum and Dogecoin Follow Suit

Ethereum and Dogecoin are also facing downward pressure. Ethereum is trading at $2,507.25, down by 1.1%, while Dogecoin is slightly up by 0.7%, trading at $0.1005. The market’s overall sentiment remains cautious as traders navigate these choppy waters, reported MSN.

Market Insights

IntoTheBlock data shows a significant drop in large transaction volume, with a 21.4% decrease, and a 1.06% fall in daily active addresses1. Additionally, Coinglass data noted that 55,285 traders were liquidated in the past 24 hours, with total liquidations amounting to $150.06 million.

Future Predictions

While some traders remain hopeful, others predict further declines. CrediBULL Crypto believes that Bitcoin could still push lower to his ultimate target of $53,000 to $54,0001. He added, “I am not sure if it gets above prior highs or falls short of them. However, I am looking for one of the two scenarios to play out before continuing back down to my target”.

As the weekend progresses, all eyes will be on Bitcoin’s ability to reclaim the $60,000 level and stabilize the market.

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