The crypto rebound fades with a 40% drop possible
Market overview
The crypto market capitalisation has changed little over the past 24 hours to $2.96T, remaining close to its late November lows. In the short term, the situation suggests that the rebound has run its course, and we should prepare for a new downward momentum, similar to what was observed in early October. If it falls below $2.75T, it will open a direct path to the $1.8T area, according to the Fibonacci extension pattern. Very close by, in the $1.8T–$1.9T area, is the area of local lows for 2024, which reinforces its importance.
Bitcoin rose to $88K on Tuesday and then returned below $87K on Wednesday afternoon. As with the market as a whole, we are seeing impressive selling pressure with short pauses for a rebound….
