Based on Bijié Wǎng, the cryptocurrency market is experiencing a sharp downturn, with Bitcoin falling 7% and Ethereum dropping 9.52%. Ripple (XRP) and Solana (SOL) also fell by 9.4% and 10.35%, respectively. Only Merlin Chain (MER) rose 34%, while all top-100 cryptocurrencies declined. Total crypto market cap dropped to $2.89 trillion, down 7.22% in 24 hours, erasing all gains since April and falling nearly a third from its October peak of over $4 trillion. Technically, the market shows a typical post-all-time-high correction pattern. Fundamentally, rising Japanese 10-year bond yields and leveraged liquidations in derivatives markets have exacerbated the sell-off, with nearly $10 billion in long-position liquidations in the past 24 hours. Bitcoin’s price is currently below key support levels, with its 50-day EMA below the 200-day EMA, signaling a bearish trend. Ethereum’s technical indicators are even more bearish, with a 43 ADX reading and a price below both EMAs. On Myriad prediction market, traders see a 46% chance of Bitcoin falling to $69,000 and a 75% chance of Ethereum dropping to $2,500.
Bitcoin and Ethereum Face Bearish Signals Amid Market Sell-Off
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