Market Overview

The crypto market capitalisation has fallen by 2% over the past 24 hours to $2.74T. Selling pressure intensified after the market reached a 10-day high, pushing it back into its previous trading range. The pressure from sellers is raising questions about the nearest support levels. A fall below $2.7T would signal a breakout from the consolidation phase and could trigger an avalanche of stop-loss orders, exacerbating the decline. This would be an unexpected turn of events, given the positive seasonal trends and the market optimism that has built up over recent months.

On Wednesday, Bitcoin soared above $84.5K to a two-week high on the back of positive stock market momentum, but failed to sustain the rally and, by midday…