Cryptocurrency markets have dropped significantly in value during the last 24 hours as the entire market capitalization of all 10,000 crypto assets in existence has dropped below the $3 trillion mark to $2.77 trillion on Tuesday morning .
At the time of writing, BTC is swapping for $60,563 per unit and has an overall market valuation of $1.14 trillion.
“After hitting an all-time high near the 69K level last week, the overall investor expectation was that the trend would immediately continue.
In fact, a sudden price drop results in a leverage shakeout which contributes to a healthier market that is better set up for an uptrend continuation in the medium term.
“From the daily level, BTC is now in a long negative line, the short-term uptrend has broken, daily volume is enlarged, the short-term trend may continue to move downward, pay attention to the support below,” Huobi added.
In a similar market outlook report, Huobi noted that ethereum market signals also indicate a “high bearish sentiment in the market.” ETH/USD chart indicators using a 4-hour time frame show EMAs and the K-line are all running downhill.
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