Crypto prices are crashing as Bitcoin takes a nosedive on Wednesday. The correction in altcoins like Ethereum and Cardano is even more intense as most digital assets have formed fresh monthly lows. Solana also experienced a strong sell-off after a phenomenal run at the start of this week.
Despite an across-the-board bloodbath and a new memecoin, SLERF caught the investor's attention with a strong surge in the last couple of days. The Solana-based memecoin which was just launched 2 days ago, has seen an exponential price increase with multiple centralized exchange listings. However, on Wednesday, SLERF fell 14.4% and stood at $0.753 at press time.
After failing to find strength above its 2021 all-time high, BTC price has entered into a corrective phase. The most valuable digital asset on the planet dropped to $60,700 on Wednesday morning. This marked a major shift in the market sentiment, which also sent ETH price toward its $3,050 support.
A broader look at the market reveals that altcoins are the hardest-hit assets in the ongoing correction. This is also evident by a 6% drop in the Total 3 market capitalization, which represents the size of the altcoin market.
The chart below shows that the BTC/USD pair pivoted close to its $60,500 support. Since then, the price has significantly recovered and is now hovering just below $64,000. The next resistance lies at $65,750. A clear break above this level might be a good signal to go long.
The bitcoin price outlook is about to turn bearish as it has broken down below the upward trend line. Some analysts may consider this breakdown to be a minor trend change.
In the last 48 hours Ethereum has experienced even a bigger sell-off than Bitcoin. However, after tagging the lows around $3,050, the smart contract asset is had a strong rebound and stood at $3,353 at the time of writing. The previous range lows around $3,323 may now act as a resistance but a reclaim of this level would be a major sign of strength.
However, the low timeframe market structure has shifted to bearish and Ethereum price prediction is not looking as bullish as it was in last week.
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