Is Now the Time to Buy? Crypto Market Faces Bearish Pressure Amid Turmoil

• Bitcoin’s key support at $63,000 is under threat, signaling potential further decline.
• Ethereum’s break below $2,600 could trigger a bearish continuation toward $2,580.
• SHIB and DOGE remain under pressure, with critical support levels vulnerable to breaks.

The cryptocurrency market has started experiencing a downturn, with major coins like Bitcoin, Ethereum, Shiba Inu, Dogecoin, and Terra posting significant losses.

Traders and investors are left wondering if this presents a buying opportunity or if the market will continue its downward spiral. With Bitcoin losing value and altcoins like Ethereum and Dogecoin also falling, many are examining key support and resistance levels to gauge potential future price movements.

Bitcoin Struggles to Hold Key Support Levels

Bitcoin has seen its price drop to $63,600.84, representing a 3.51% decline over the past day. This continues the downward trend from $65,900, suggesting a bearish market sentiment.

Moreover, the 24-hour volume surged by 127.72%, indicating intense trading activity, likely driven by large sell-offs. The current support level is $63,000, but if Bitcoin breaks below this point, it may test the $61,000 mark. Resistance at $65,900 remains a hurdle, and only a breakout above this level will signal a potential recovery.

Ethereum Faces Downtrend with Limited Upside Potential

Ethereum, currently priced at $2,603.50, fell by 2.32%. The price trend shows a consistent downward movement from $2,665. Immediate support is $2,600, and if this level breaks, Ethereum could drop to around $2,580-$2,590.

However, resistance is found at $2,665, and only a sustained break above this level could shift momentum toward a bullish outlook. With volume up by 49.10%, increased trading activity suggests both buyers and sellers are highly engaged, but a break below $2,600 may signal more downside.

Shiba Inu and Dogecoin: Meme Coins Under Pressure

Shiba Inu (SHIB) and Dogecoin (DOGE) have also seen significant declines. SHIB is down 8.54%, now priced at $0.0000178. Immediate support lies near $0.0000175, with resistance at $0.0000185. A failure to hold support could push SHIB into a deeper bearish trend. 

Read also: SHIB Leads Altcoin Surge: BONK, BRETT, CFX, XEC, and More Pump

Dogecoin, on the other hand, is currently priced at $0.1176, down 7.03%. The support for DOGE hovers around $0.1170, but if this level fails, DOGE could fall toward $0.1150. Resistance is noted at $0.1200, which DOGE needs to break for any significant recovery.

Terra’s Sharp Decline Adds to Bearish Sentiment

Terra (LUNA) is one of the hardest-hit tokens, with a 10.11% decline bringing its price down to $0.4159. The price chart shows a strong downward trend from $0.4626.

Immediate support at $0.4159 is being tested, but a drop below $0.41 could increase selling pressure. Resistance at $0.44 is now critical for any short-term recovery. The market cap is $295.26 million, with a noticeable uptick in volume at $75.18 million, indicating increased market participation.