{"id":391480,"date":"2024-05-11T19:30:48","date_gmt":"2024-05-11T14:00:48","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=391480"},"modified":"2024-05-11T18:27:18","modified_gmt":"2024-05-11T12:57:18","slug":"led-by-bitcoin-ethereum-heres-why-the-crypto-market-is-down-today","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/led-by-bitcoin-ethereum-heres-why-the-crypto-market-is-down-today\/","title":{"rendered":"Led by Bitcoin, Ethereum, here&#8217;s why the crypto market is down today"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">The crypto market is down today due to a significant correction phase.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">Bitcoin struggles around the $56,000 support level, with technical indicators suggesting a potential reversal.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Checking the crypto market today, you will see nothing but red. The entire market seems to have tumbled, with <a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\">Bitcoin [BTC]<\/a> and <a href=\"http:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\">Ethereum [ETH]<\/a> taking most hits, dropping far below their critical support levels.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bullish sentiments in the community seem to be almost completely gone. Once again, investors are panicking, possibly at the edge of giving up. So, what is going on? Why is the crypto market down now?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2024 is generally expected to be a highly bullish year for the markets. And it has. But we are currently dealing with a strong case of the corrections. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data from Coinglass shows us that both tokens have seen more inflows than outflows in the past twenty-four hours. Also, liquidations are relatively low.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the 10th of May, titans of the U.S. banking sector, JPMorgan and Wells Fargo, made headlines with their disclosures of holding spot Bitcoin ETFs. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yet, this revelation has barely made a ripple in the overall market dynamics. Bitcoin, for one, seems stuck in a prolonged correction cycle, stubbornly testing investor patience.<\/span><\/p>\n<figure id=\"attachment_391482\" aria-describedby=\"caption-attachment-391482\" style=\"width: 2048px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-coinglass.png\"><img decoding=\"async\" class=\"size-full wp-image-391482\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-coinglass.png\" alt=\"\" width=\"2048\" height=\"527\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-coinglass.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-coinglass-300x77.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-coinglass-1024x264.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-coinglass-768x198.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-coinglass-1536x395.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-coinglass-1200x309.png 1200w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" \/><\/a><figcaption id=\"caption-attachment-391482\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<h4><b>Why is the crypto market flailing?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The immediate support level for BTC now is somewhere around $56,000, for traders. Breakout is still imminent, as is widely expected by the community.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Data from TradingView tells us that this is where fear and optimism collide, where traders hover between hope for a breakout and dread of further decline.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin is retesting its former all-time high resistance levels, now as new support zones. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This activity shows a typical case of RSI Bullish Divergence on the 4-hour chart, hinting that the downtrend&#8217;s momentum is losing steam and might soon reverse.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yet, the currency is still navigating through the perilous falling wedge pattern\u2014a technical indicator suggesting that while the end of the tunnel may be near, the road remains filled with fear and uncertainty.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The community&#8217;s consensus leans towards an eventual breakout, which could catapult Bitcoin&#8217;s value to new heights, potentially reaching as high as $78,000 in the bullish surges to come.\u00a0<\/span><\/p>\n<figure id=\"attachment_391483\" aria-describedby=\"caption-attachment-391483\" style=\"width: 2048px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-tv.png\"><img decoding=\"async\" class=\"size-full wp-image-391483\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-tv.png\" alt=\"\" width=\"2048\" height=\"1135\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-tv.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-tv-300x166.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-tv-1024x568.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-tv-768x426.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-tv-1536x851.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-tv-1200x665.png 1200w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" \/><\/a><figcaption id=\"caption-attachment-391483\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">As for Ethereum, its current trajectory is slightly different from Bitcoin\u2019s. The Ethereum derivatives market is showing signs of increased activity and investor interest, according to <\/span><a href=\"https:\/\/insights.glassnode.com\/glassnode-spotlights-3-ethereums-evolving-ecosystem-staking-defi-and-derivative-markets\/\"><span style=\"font-weight: 400;\">Glassnode<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Open Interest has surged by 50%, indicating a strong engagement with Ethereum&#8217;s financial products.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, despite these positive indicators in derivatives, Ethereum&#8217;s performance relative to Bitcoin this cycle is much slower. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The lag in speculative interest, particularly from the Short-Term Holder group, is a cautious approach among these investors. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, Long-Term Holders seem to <\/span><a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-19-2024\/\"><span style=\"font-weight: 400;\">remain<\/span><\/a><span style=\"font-weight: 400;\"> on the sidelines, eyeing more lucrative opportunities for profit-taking in future rallies.\u00a0<\/span><\/p>\n<figure id=\"attachment_391484\" aria-describedby=\"caption-attachment-391484\" style=\"width: 1600px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-eth-oi.png\"><img decoding=\"async\" class=\"size-full wp-image-391484\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-eth-oi.png\" alt=\"\" width=\"1600\" height=\"900\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-eth-oi.png 1600w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-eth-oi-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-eth-oi-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-eth-oi-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-eth-oi-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/jai-crypto-eth-oi-1200x675.png 1200w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/a><figcaption id=\"caption-attachment-391484\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">At press time, Ethereum was worth $2,897.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Even as it battles through the current market downturn, the growing interest in its derivatives suggests that these holders may soon see the favorable conditions they are waiting for.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All in all, the reason for the retreat is that the market is still consolidating, and experts expect a breakout regardless. Investors are advised not to give up. 2024 is still crypto&#8217;s year.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today\u2019s crypto market downturn is just a bump in the road. Long-term projections remain bullish.<\/p>\n","protected":false},"author":90,"featured_media":391481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,35,360,32,66,3,4,20],"tags":[6427],"class_list":["post-391480","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-bitcoin-news","category-btc-trading-view","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Led by Bitcoin, Ethereum, here&#039;s why the crypto market is down today - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Today\u2019s crypto market downturn is just a bump in the road. 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