Bitcoin’s Value Falls Below $28k During Market Downturn

Bitcoin (BTC), the largest cryptocurrency in the world, has suddenly lost much value. On March 31, it was worth $27,953, less than $28,000.

This drop is 4.1% lower than its 90-day high of $29,159, reached the day before, on March 30.

The size of the market has also gone down. It is now worth $1.17 trillion, almost 2% less than 24 hours ago.

Bitcoin's Value Falls Below $28k During Market Downturn

As we look at this recent drop, let’s consider what might have caused it and what might happen next.

Key ranges and support levels for traders

Crypto Tony, a well-known analyst, has said that the $27,700 equilibrium (EQ) level is a key support level that the bulls should try to keep.

On the other hand, market analyst Filbfilb thinks that Bitcoin’s 200-week moving average (WMA) near $25,500 will be the “front run” next, which would mean lows for two weeks.

Market Structure Shift

On a more positive note, the analytics account Tedtalksmacro points out that bitcoin’s market structure has “truly shifted” on longer timeframes, breaking away from the bear market since its latest all-time highs in November 2021.

With the first higher highs since November 2021 and the first higher low since January 2022, he believes the market structure has shifted, providing traders with clear invalidation.

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