🔽🔽Sharp sell-off of the cryptocurrency market looks dangerous from the bulls perspective
The recent record highs in the cryptocurrency market were established around November 10. Bitcoin reached nearly $70,000 level, while Ethereum jumped towards 4,900 USD. Since then, the prices of these two cryptocurrencies have dropped more than 15%. Currently, US policymakers want to introduce new regulations regarding these two most popular cryptocurrencies. New information from the United States says that the competences of the CFTC and SEC would be extended to the cryptocurrency market. Recent research in the US says that 1 out of 10 Americans invest in or have had contact with cryptocurrencies.
Bitcoin's price may remain below the $ 60,000 mark for an extended period of time. Today, the price broke below the 50 SMA. Next major support is located around $52,000 at the local September high. Source: xStation5
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Ethereum is testing the $ 4,000 level, near the local highs from early September. The upward trend line remains the key support. Should break lower occur, downward move may accelerate towards$ 3,620 level. Source: xStation5
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