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After setting new record highs last week, the cryptocurrency market is experiencing a wave of profit-taking, with Bitcoin and Ethereum both retracing and falling below the key levels of $113,000 and $4,200, respectively. Additionally, overall economic headwinds and rising leverage have further exacerbated the market trend.
Bitcoin today fell to a low of $112,647 on (20), and by the time of writing, it has risen to $113,787, down 0.9% in the past 24 hours.
FxPro's chief analyst Alex Kuptsikevich warned that Bitcoin has fallen back to the price level it was at two weeks ago, breaking below the mid-term trend line ( and the 50-day moving average ). This has intensified investors' concerns about a continued decline in Bitcoin, which could affect the entire cryptocurrency market and even drag Bitcoin further down to $100,000, approaching the 200-day moving average.
Alex Kuptsikevich added: "The total cryptocurrency market value has shrunk by 0.4% again, dropping to $3.87 trillion. The market has fallen below previous resistance levels, and speculators are beginning to worry about a potential further pullback, possibly even dipping to $3.6 trillion."