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BTC, ETH Find Support After Sell-Off, Long-Term Technicals Remain Strong
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A sell-off in the crypto market that started on Monday this week intensified overnight, with bitcoin (BTC) dipping as low as 55,600 before a slight recovery started during early European trading hours.
At 11:20 UTC, bitcoin traded at USD 56,777, down 5.8% for the past 24 hours and down 12.6% for the past 7 days.
At the same time, ethereum (ETH) was down 3% for the past 24 hours and 12.6% for the week, trading at USD 4,129. The current price means that the second-most valuable cryptoasset has also trimmed losses from earlier, after dipping below the key USD 4,000 level several times overnight UTC time.
As usual, the overnight sell-off triggered large liquidations of long positions in the crypto derivatives markets. According to data from
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