Market overview

The crypto market cap has declined by nearly 1% to $2.4T, once again approaching the 50-day moving average but still remaining above it (a bullish sign). Selling pressure is driven by renewed market fears arising from the situation in the Middle East. Technically, the market must make an early decision: either break through the uptrend line from early February or confirm the 50-day MA as support and break the downtrend.

Bitcoin fell below $70K on Thursday morning as investors exited risky assets in traditional markets. However, the leading cryptocurrency remains close to the psychologically significant round figure and is still above the 50-day moving average, maintaining hopes of a resumption of growth at the first signs…