Summary
TLDR: The cryptocurrency market saw a slight cool-down with a 1.14% drop in total market capitalization. Bitcoin faced resistance at $70,000 while Ethereum faced resistance at $3,660. Both coins are bullish but may face price corrections. Traders should be cautious when opening long positions on short timeframes.
Key Points
1. The cryptocurrency market experienced a slight cool-down today, with the total market capitalization dropping 1.14% to $2.76 trillion, following significant movements in the market over the past few days.
2. Bitcoin faced resistance at the $70,000 barrier, experiencing a 1.2% decline today with a daily high of $71,754 before correcting to $69,793. Despite the recent dip, Bitcoin’s overall performance remains bullish as it continues to recover from a flash crash on BitMEX.
3. Ethereum, the second-largest cryptocurrency by market capitalization, is exhibiting similar behavior to Bitcoin, trading at $6,543 after facing strong resistance at $3,660. The coin is down 1.35% in the last 24 hours, with the gap between the EMA10 and EMA55 closing rapidly, potentially indicating a price correction.