Bitcoin Falls Toward $29K As Ethereum Bulls Battle Toward $2,000 (Market Watch)

The cryptocurrency market has taken a bit of a beating in recent hours. Bitcoin’s price fell to around $29,000, while Ethereum is trading just under $2,000.

Bulls are trying to defend these key levels and it is important to see how things will develop and if there will be another crash.

Bitcoin price falls towards $30,000

The market performed relatively well over the past 24 hours as prices were recovering from recent declines. Bitcoin had retook $30,000.

Unfortunately, the last hour has turned out to be quite negative as the price fell towards $29K in less than 15 minutes. Longs made up the overwhelming majority of liquidations, so it could be a classic example of a long squeeze.

That said, BTC marked $29K to the cent and is currently trading around $29,300, as shown in the chart above.

Ethereum Bulls Battle for $2K

Just as $30K is an important level for Bitcoin, $2000 is also an instrumental zone for Ethereum. The price is currently hovering near it and the bulls are fighting to protect it.

As can be seen from the heat map above, all the major cryptocurrencies were caught off guard by this latest move and the market is largely painted in the red.

SOL lost quite a bit – around 8.5% of its price. It is also quite clear that Bitcoin promises well compared to the rest of the market.

On another day, Radix (XRD) remains the best performer. Despite the turmoil, the cryptocurrency is up 10% in the past 24 hours. However, it lost 9.4% in the last hour. Apart from that, all the other altcoins are trading in the red. Arbitrum’s ARB lost 12.6% and is the worst result in this period.

It will be interesting to see how the market will play out over the next 24 hours and whether this is just a temporary correction or the beginning of a deeper one.