Market overview

The crypto market cap continues to decline, losing nearly 5.5% over the past 24 hours to $2.19 trillion, practically repeating the extremes of early February. The last time the market was consistently lower was in September 2024. If there is a rebound by the end of the day, we can talk about the formation of a double bottom, which will give hope for a rebound of about 10%. However, a failure to rebound will signal the end of the recovery, opening the potential for a further 25% decline to the 2023 consolidation range.

Bitcoin fell below $63K at the start of the day, going below the previous day’s lows after the recovery rebound stalled. BTCUSD slipped below $60K in early February, but there was a steady tug-of-war near…