Bitcoin falls below $28,000. Cryptocurrencies in correction 📉

3:12 PM March 24, 2023

The largest cryptocurrency has fallen below $28,000 on a wave of general risk asset aversion on exchanges and news from the Binance exchange. Ethereum and smaller projects are also losing ground. The downward movement accelerated after the largest cryptocurrency exchange announced that it had temporarily halted spot cryptocurrency trading on the platform, for as yet unexplained technical reasons.

Bitcoin, H1 interval. The price has failed to overcome the $28 800 level and has formed a bearish double peak formation. The potential scope of the correction may stop at the SMA200 (red line) or at the level of the 23.6 Fibonacci retracement of the upward wave initiated on 10 March, i.e. at the level of  $26 700, which also coincides with the decline after the Fed decision. A potential retracement deeper could foreshadow that sellers would want to test the 38.2 Fibo retracement at $24,000. Source: xStation 5Ethereum, H1 interval. In the event of a deepening correction on Ethereum, key support is located in the region of  $1710 -$1694. Source: xStation5

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