The market faces severe downturns, with Bitcoin and Ethereum experiencing declines, casting uncertainty on the crypto week ahead.
The cryptocurrency market is currently experiencing one of its most challenging periods, marked by significant downturns in major assets likeThe cryptocurrency market is currently facing significant turbulence, with a notable decline in total market capitalization over the last 48 hours.Detailed analysis revealed that BTC had experienced a sharp decrease of over 26%, while Ethereum saw a steeper decline of over 30%.
These dramatic drops are major contributors to the overall market downturn. Also, BTC maintains a dominance of over 55% in the market, whilewas trading at around $50,800, experiencing a decline of over 12%. Ethereum was trading at approximately $2,260, declining over 15%. Using the Fibonacci retracement tool, we can analyze the potential price movements for the upcoming week and assess the likelihood of further declines.price is just below the 23.6% Fibonacci retracement level, which may act as resistance if the price attempts to rebound. The next significant support level is at the 0% retracement level, around $49,467.88.If the price stays above the 23.6% level, it could test higher Fibonacci retracement levels, such as the 38.2% level at $56,847.
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