ChainCatcher message, Deribit analyst Anand Raj released a report indicating that Bitcoin has fallen below the key support level of $57,700 and is showing a lower high pattern, with technical indicators suggesting that a downward trend has formed.However, due to the support area around $55,500, the rate of price decline is expected to slow down.

ChainCatcher news, according to Cointelegraph, cryptocurrency traders analyze that Ethereum's price has currently reached a critical support level and is at a tipping point. If it fails to hold, it may lead to a drop below $2800.Michael van de Poppe, founder of MN Trading, stated, "If this key level is lost, Bitcoin may test $60000, and Ethereum will test $2800 as the last major correction."Anonymous cryptocurrency trader Crypto Wealth believes, "The only other level the price might reach before a full reversal is around $2700."Anonymous cryptocurrency trader Poseidon added, "At this point, the price should sweep below the $2800 low and test weekly demand, with a fluctuation range around $2500-$2700."

ChainCatcher news, according to Bitcoin.com, QCP Capital pointed out in a recent market report that the market has experienced a significant correction, with the price of Bitcoin dropping from $70,000 to nearly $60,000. This decline was primarily due to an unexpected surge in Bitcoin supply. Several key events contributed to this supply shock, including the U.S. government's release of approximately 28,000 Bitcoins, the allocation of 33,960 Bitcoins in the Mt Gox settlement agreement, and the distribution of $1.5 billion worth of Bitcoin and Ethereum to Genesis creditors. These factors collectively exerted tremendous downward pressure on the market. In addition to the increase in supply, QCP also emphasized the impact of the recent rise in mining difficulty. The difficulty level surged by 10.5%, reaching an all-time high, which added extra pressure on miners, forcing them to liquidate their holdings.Macroeconomic indicators have also fueled bearish sentiment. QCP noted that the higher-than-expected unemployment rate of 4.3% and concerns about an impending economic recession have heightened investor anxiety. QCP analysts highlighted that the key indicator for measuring market volatility, the Chicago Board Options Exchange Volatility Index (VIX), soared above 28, reaching its highest level since the regional banking crisis in March 2023, further exacerbating market unease. Despite the turbulent market conditions, the volatility of Bitcoin and Ethereum remained relatively stable, with Bitcoin's front-end volatility slightly rising from 45% to 48%, while the back-end volatility remained unchanged. Market strategists interpreted this as a signal that despite the recent turmoil, the market expects price volatility to stabilize in the coming months.

ChainCatcher message, 10x Research pointed out in the latest market report that Bitcoin has fallen below the important technical and psychological level of $60,000. This is a key level for Bitcoin miners and Bitcoin spot ETF buyers, and it roughly marks the bottom (support level) of a three-month trading range.With the support level broken, sellers are scrambling for liquidity, and the price may accelerate downward. Only uninformed traders would be willing to buy here. A break below this support level could lead to a sharp decline in price to below $50,000.

ChainCatcher news, according to The Block, Bitcoin options on Deribit are nearing expiration, with the put/call ratio rising to 1.66. A ratio above 1 indicates that there are significantly more put options traded than call options. This suggests that more investors are betting on or hedging against a price decline rather than an increase.Deribit CEO Luuk Strijers stated that Friday's large quarterly expiration may be affected by the "quadruple witching" in the U.S. markets and the associated volatility. Quadruple witching occurs four times a year, around the end of each quarter, when index futures, index options, stock options, and futures contracts expire simultaneously. A large number of contracts expiring may impact spot prices, as position liquidations and contract rollovers can lead to significant price fluctuations. However, spot prices close to the maximum pain point may alleviate some of this impact, as the maximum pain point represents the level at which the most options contracts expire worthless.

ChainCatcher news, according to DeFiLlama data, affected by the price decline of blue-chip NFTs such as Azuki and BAYC, several NFT lending protocols experienced significant drops in TVL within a day, including: BendDAO Lending TVL with a daily drop of 43.02%; ParaSpace Lending TVL with a daily drop of 13.07%; Blur Lending TVL with a daily drop of 29.51%.Additionally, according to NFTGo.io data: the floor price of Azuki series NFTs is currently reported at 6.46 ETH, with a 24-hour drop of 17.04%; the floor price of BAYC series NFTs is currently reported at 31.07 ETH, with a 24-hour drop of 12.07%; the floor price of MAYC series NFTs is currently reported at 5.47 ETH, with a 24-hour drop of 15.45%. (source link)