In the morning, we saw a clear pullback in Bitcoin and Ethereum prices. Bitcoin was losing up to 4%, but the losses were reduced to 3%. Ethereum was losing up to 6%, but the losses were reduced to around 5%. The market says that there was a huge liquidation of long positions on the two mentioned cryptocurrencies of $110 million during the Asian session. The vast majority involved the liquidation of long positions ($107 million), while short positions were only for just over $3 million. The liquidation of positions also led to declines in other major markets such as Cardano, Solana and Dogecoin. Kusama loses almost 12%, while Bitcoin loses only just over 3%.
Bitcoin is falling below $39,000 and below the lower limit of the uptrend channel. The nearest support is at $37500, while the key medium-term support is at $34500. Source: xStation5
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Ethereum falls below $3000 and continues its downward sequence. The key support is located near $2600, near the lower boundary of the upward trend channel. The key factor for Ethereum will be the behavior of the Nasdaq which is highly correlated with the crypto. In addition, the negative information for Ethereum is the likely postponement of the transition of the cryptocurrency to the Ethereum 2.0 network. Source: xStation5
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