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Bitcoin couldn't break 85,000, Pi Network has crashed! What is happening in the cryptocurrency market?
Total Market Value Decreased to 2.73 Trillion Dollars
The total value of the crypto market has dropped to $2.73 trillion, failing to maintain the $2.75 trillion threshold in the last 24 hours. This decline has caused investors to act cautiously in the short term. Analysts warn that if the support level of $2.61 trillion is broken, the market could face a deeper correction.
However, despite this, there is no significant panic in the overall market structure. If the support level is maintained, the market may seize an opportunity for an upward recovery. During this process, it is important for investors to avoid sudden moves.
Bitcoin is struggling to break the resistance at 85,000 Dollars
Bitcoin failed to establish a strong support level at $85,000 and fell to $84,622. This movement led to a test of the bulls' strength. If BTC manages to break above $85,000, the next resistance point stands out at $89,800.
On the other hand, there is a possibility that the price could pull back to $80,301 due to potential selling pressure. This situation is seen as a critical threshold that will determine the market's short-term direction.
Due to the Bitcoin decline, Pi Network has also dropped to a bottom level with a 20% loss.
Additionally, the SEC's statement that proof-of-work crypto assets do not fall under the definition of securities has also drawn attention. This statement has significantly increased the chances of ETF approval for projects such as Litecoin and Dogecoin.
No Panic But Caution Is Required
Although there is currently no widespread panic in the markets, the technical levels are extremely critical. In particular, Bitcoin's struggle at the $85,000 threshold and the sudden drop in Pi Network indicate that caution is necessary in the market. It should not be forgotten that there are significant risks as well as opportunities for investors during this process ....
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