Why is the Cryptocurrency Market Currently Down?

The total market cap of the cryptocurrency market is $973.308 billion.
In the last 24 hours, Bitcoin has traded in a bearish sentiment.
Bulls to act in the market in order for the crypto market to trade in bullish sentiment.

Since the beginning of the year, the value of cryptocurrencies has been steadily rising and moving in a good direction. Because of the optimistic outlook of the market, the value of the cryptocurrency industry has surpassed one trillion dollars. This is because the cryptocurrency market was bearish in 2022, which caused the total market cap of all cryptocurrencies to trade at around $800 billion.

Bitcoin (BTC), one of the most widely used currencies in the world, reached an all-time high of $69,000 in November 2021 before falling to a level of $47,000 in January 2022. In the previous year, the world’s largest cryptocurrency, Bitcoin, breached an all-time low of $15,000 as a direct result of the failure of the FTX.

Since January 23, the total market capitalization has been moving steadily upward in a channel that is parallel to itself. The pattern that has been forming over the last day suggests that the crypto market as a whole will go down in the future. As of press time, TradingView data showed that the total value of all cryptocurrencies on the market was $973.308 billion.

TOTALCAP/USDT 24-hour price chart (source: TradingView)

Also, during the course of the last day, the price of Bitcoin has decreased, and it is now trading at $21,843.91; this is a decrease of 3.89%, which may signal a negative feeling in the BTC market. The current level of support for Bitcoin can be found at $21,754.13, while the level of resistance can be found at $22,770.22.

BTC/USDT 24-hour price chart (source: TradingView)

Finally, if the present state of the crypto market must change, bulls must act in the market so that the crypto market may continue to trade optimistically.

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Munene Kelvin

Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.