The post Bitcoin’s Rally Pauses as Market Cap Drops, FET Faces 18% Decline Amid Profit-Taking Concerns appeared on BitcoinEthereumNews.com.

The cryptocurrency market has experienced a significant downturn, with a $70 billion drop in total market capitalization amid profit-taking activities. The price of Bitcoin has stalled at $87,615, after nearing its peak, with $85,000 acting as crucial support for potential recovery. FET, significantly impacted, fell 18%, breaking the support level of $1.40, indicating a need for recovery to restore market confidence. This article explores the recent downturn in the crypto market, highlighting key asset performances and significant market developments. Market Trends: Crypto Correction in Progress The cryptocurrency market is reevaluating its gains following a robust bullish phase, with the total market cap dropping to approximately $2.75 trillion. After nearing the critical resistance range of $3 trillion, profit-taking has initiated a notable correction phase. Investors’ actions suggest a cautious outlook, as many evaluate their positions amid volatile conditions. This cooling period follows several days of intense trading activity where the market demonstrated solid growth. As indicators show a possible market top, analysts point to potential further declines if market sentiment does not shift back towards bullishness. Bitcoin’s Market Position Currently trading at $87,615, Bitcoin has peaked below $90,000, indicating a market consolidation phase. Key support is observed at $85,000, which could serve as a pivotal point during this correction. If selling pressure exceeds expectations, a drop below this threshold may lead to greater volume-induced sell-offs, while recovery above this level could reignite upward momentum. Coin Performance: A Focus on FET FET has emerged as one of the most affected assets, plummeting 18% to trade around $1.29 after failing to uphold the critical support of $1.40. The potential to recover could hinge on its ability to reclaim this support level, which may reignite bullish trader sentiment. Should it fail to recover, the next support lies at $1.04, indicating a vulnerability in FET’s…

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Filed under: News - @ November 13, 2024 5:22 am