Crypto Market Dives Again: Bitcoin Falls Below $70,000, 25% Off Its 200-Day Average
The entire cryptocurrency market is experiencing a significant downturn this Thursday, with losses ranging from -1.8% to -4.3% over 24 hours for the major capitals. This downward trend follows an already hesitant start to the week, amid declines in European and Asian stock markets.
Market Leaders Under Pressure
Bitcoin has lost 3.82% over the last 24 hours, trading at $70,024, falling below its 50-day moving average of $70,544. The market leader has thus erased almost all of the gains made between March 9 and 16, when it had peaked at $74,885. The loss is particularly notable as the trading volume remains moderate, suggesting a lack of buying support at this stage. Ethereum has seen an even more pronounced decline (-4.26%, at $2,168), yet it still holds a price above its 50-day moving average ($2,102). The correlation between the two assets has strengthened in recent days: since March 17, Ethereum consistently amplifies Bitcoin's movements, both upwards and downwards. Intermediate-tier altcoins are not spared from the correction. Cardano is down 3.76% at $0.27, while Binance Coin has lost 2.74% at $643.77. European stock markets are also contributing to this cautious climate: the CAC 40 is down 1.90% and the Nikkei 225 has dropped 1.04%. The VIX, measured Tuesday evening, had however declined to 22.37 (-4.85%), but this drop in implied volatility did not translate into support for risk assets.
Technical Indicators Signal Caution
Technically, four out of the seven cryptocurrencies monitored are showing a sell signal: Bitcoin, Binance Coin, Dogecoin, and Cardano. However, the associated RSIs remain in a neutral zone, ranging from 48.5 (Cardano) to 56.3 (Dogecoin), far from any oversold extremes. Bitcoin's RSI, at 51.5, has significantly dropped from the high of 66.4 reached on March 15, indicating a rapid exhaustion of the previous bullish momentum. A structural point worth noting: all cryptocurrencies in the panel are significantly below their 200-day moving average. For Bitcoin, the gap exceeds 25% ($70,024 versus a 200-day MA of $93,402). This discrepancy, also seen in Solana ($89.57 versus $147.83) and Cardano ($0.27 versus $0.50), underscores the magnitude of the correction suffered over the past several months. Immediate support levels remain intact for now. Bitcoin has a floor identified at $62,510, while Ethereum relies on the $1,800 zone. The nearest resistance for Bitcoin is at $76,000, a threshold that must be reclaimed to invalidate the current bearish sequence.
