Futures investors have also suffered as a result of the market crash. According to Coinglass statistics, Bitcoin futures liquidations in the past 24 hours totaled $81 million. And around $55.81 million in liquidations happened within one hour during the day.
Bitcoin market activity has essentially restored the price and market value to their prior-day levels. Bitcoin gained nearly 10% yesterday, reaching an intraday high of roughly 42,300. The market capitalization has also recaptured $800 billion levels.
Yesterday’s price movement was fueled by positive reports that the White House was promoting “responsible development” in the digital asset market. With today’s drop, Bitcoin’s market valuation has returned to roughly $746 billion. Price action appears to have been predicted by a number of technical experts who were not persuaded by the market’s excitement.
Despite the rally above $40,000, market expert “CryptoCapo” observed that the market remained gloomy.
Despite this bounce above 40k, price is still ranging between 33k and 45k. Bearish structure intact.
Main resistance: 45k-46k
Main target: 21k-23k pic.twitter.com/mRGeiPncMj
— il Capo Of Crypto (@CryptoCapo_) March 9, 2022
Similarly, “AltCryptoGems” warned his over 160k followers that if Bitcoin fails to break through the barrier at about $42,800, it might fall below $37,200. The remainder of the crypto market has seen a downward correction similar to Bitcoin’s. The global crypto market is valued at $1.75 trillion, a 4.60 percent decrease from the previous day.
$BTC / $USDT – My #Bitcoin TA scenario! 📊
We're currently trying to break the first resistance at around $42.8K. If we do succeed, $45.3K seems to be the next target to break. 🚀
If we fail, we could drop back down to $37.2K as the support line. 📉#DYOR #NFA #BTC pic.twitter.com/SvDh3xD13Y
— Alt Crypto Gems 🍥 (@AltCryptoGems) March 9, 2022
Ethereum, BNB, XRP, and Terra are among the major cryptocurrencies trading in the red. Ethereum, the second most valuable cryptocurrency, has fallen 5.13 percent to approximately $2,500.
On the other hand, long-term favourable outlooks for the crypto market remain unchanged among market players. Matt Hougan, CEO of Bitwise, told CNBC that he believes Biden’s crypto order would ignite a new bull market.