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Crypto markets are experiencing a major pullback as Bitcoin price dropped to $65,500 on Friday morning. This also marked the fresh weekly lows for the leading digital asset. A similar sell-off was observed in the Ethereum price, which fell to $3,570 as thousands of traders closed their leveraged longs. Solana (SOL) emerged as the strongest cryptocurrency among the major altcoins in this market-wide bloodbath.
At press time, SOL was changing hands at $171.32. The smart contract digital asset formed the intraday highs around $187 before the markets took a bearish turn. Nonetheless, the SOL/BTC pair remained 2.47% up for the day, showing Solana's strength against Bitcoin.
Memecoins appear to have been hit the hardest in the ongoing correction. Most of these speculative assets have shredded 10%-30% of their value in the last 24 hrs. Dogwifhat, the leading dogcoin in the last few days, fell 13.8% on Friday. DOGE, SHIB, and PEPE also dipped 12.7%, 12.8% and 11.4%, respectively.
Today's correction in the cryptocurrencies comes after an across-the-board rally that took BTC and many altcoins to record highs. While this abrupt price drop has caused a wave of panic among the new investors, the industry veterans are considering it a buying opportunity.
After facing a huge resistance above $73,000, BTC price succumbed to the selling pressure. The sell-off indicates the inability of the bulls to hold the price above the previous all-time high of $69,000. In case of acceptance below this critical level, a deeper pullback might be on the cards with a price target as low as $60,460.
The demand below $66,900 is currently acting as a support zone, as mentioned in the chart below. A breakdown below this zone will open the door toward a retest of the $60,400 support level.
As visible on the following ETH/USD chart, ETH price has formed a lower low on the 4H chart. However, the upward trendline is still acting as a support as the price bounced off it earlier today. In case of the breakdown below this trendline, a retest of the $3,300-3,180 zone will be in play.
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