Altcoin
Bitcoin, ETH, SOL, DOGE Lose Key Support, What’s Next?
Amid the broader crypto market crash, liquidation numbers soared to more than $1 billion with the Bitcoin price dropping below $95,000 level. Altcoins like ETH, SOL, DOGE are seeing even greater selling pressure correcting 8-25%. While Bitcoin pullbacks are part of every market cycle, investors are curious as to how far the BTC correction will continue from here.
Can Crypto Market Crash Push BTC Price Even Lower?
BTC Preparing for 25% Drop to $80,000
As the panic selloff intensifies further, the crypto market crash continues with Bitcoin price falling deeper from its crucial support of $100K. Crypto market analysts are predicting that a 25% Bitcoin pullback from its all-time high of $108K is very much possible going ahead. Popular crypto analyst Rekt Capital noted:
“For those saying that -25% or -30% pullbacks will definitely not occur in this cycle should study this year’s overall March-August -34% correction more closely. Or the multiple -25% pullbacks between March and August”.
Thus, if history repeats then BTC price can correct all the way to $80,000 again. Crypto analyst Rekt Capital has warned of a possible correction for Bitcoin, citing the persistence of a Bearish Engulfing Candle on the weekly chart. In a recent post, the analyst highlighted that the critical weekly support level at $101.2K is under pressure and struggling to hold.
The analyst further noted that if this key blue support region fails, along with Bitcoin’s 5-week uptrend (marked in orange), the cryptocurrency could likely transition into a broader correction phase.
Key Support Levels to Watch for Bitcoin in Crypto Market Crash
As of press time, the Bitcoin price is trading 9% down at $93,828 with its market cap at $1.9 trillion. Analyst Ali Martinez noted that the key support zone for Bitcoin was between $98,830 to $95,830. Within this zone, approximately 1.09 million wallets collectively purchased over 1.16 million BTC, reinforcing its significance as a key price level.
The Coinglass data shows that the Bitcoin open interest has dropped 8% while the 24-hour liquidations have surged to $327 million with $270 million being long liquidations. Despite the current fall, the Bitcoin Fear and Greed Index remains in the “Greed” zone with a score of 62.
Market analysts believe that the crypto market correction can continue further amid a surge in the Dollar Index (DXY). Crypto analyst Justin Bennett emphasized the importance of tracking global liquidity trends, stating: “110.00 has been my US dollar target since the 102.60 reclaim, and I’m betting that area marks the crypto bottom in early 2025.”
Altcoins ETH, SOL, and DOGE Face Stronger Corrections
ETH Loses the Crucial Support of $3,500
The top altcoins also recorded gloomy trading amid a broader market selloff recently. The ETH price has corrected by a massive 9% in the last 24 hours losing the crucial support of $3,550 and is currently trading at $3,346. It is possible that Ethereum could retest $3,000 again before bouncing back.
Besides, the Ethereum whale selloff has also intensified recently. Blockchain analytics platform LookonChain reports that the recent decline in Ethereum’s price has prompted significant activity among large holders as they sell ETH to settle debts.
- In the last five hours, one whale transferred 22,746 ETH, worth $77.7 million, to Binance and subsequently withdrew stablecoins to repay obligations on Spark and Aave.
- Another whale deposited 49,910 ETH, valued at $170 million, into Binance, withdrawing $137.8 million in stablecoins within the past eight hours.
However, market analysts continue to be hopeful moving ahead. Popular analyst Ted Pillows wrote:
“$4K seems like the new $1.4K for Ethereum. In the 2020-21 cycle, ETH got rejected from $1,400 several times before a successful breakout. Right now, the same thing is happening with the $4K level, but there’ll be a breakout soon”.
Solana Price Cracks Under $200
Following the high of $263 in November, the Solana price has moved sideways and underperformed other altcoins of its league. Amid today crypto market crash, the SOL price has lost its crucial support of $200 and is currently trading at $193 as of press time.
Crypto analyst Lieutenant Ponzi has drawn attention to Solana’s (SOL) weekly chart, pointing out a significant order block (OB) and a bullish bat pattern. According to the analyst, the $165-$170 range is emerging as a critical area of interest, suggesting potential resistance or a reversal zone for the cryptocurrency.
DOGE Price Tanks 25% Amid Crypto Market Crash
The Dogecoin price today corrected by a massive 25% moving all the way to $0.27 as of press time. With this, the world’s largest meme coin has extended its weekly losses to more than 22%. The 24-hour liquidation data from Coinglass shows a 20% drop in open interest and $55 million in DOGE liquidations, of which $44 million is in long liquidation.
Despite this, market analysts continue to be optimistic about DOGE. Market analyst BALO has highlighted crucial price levels for Dogecoin’s (DOGE) weekly performance.
According to the analyst, a weekly close above $0.26 is necessary to maintain bullish momentum. Furthermore, if DOGE can reclaim the $0.42 level, BALO predicts a potential surge to $4, marking a significant upside for the popular meme coin.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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