Bitcoin (BTC) Falls Below $60,000, Ethereum (ETH) Says Goodbye to $3,000, Solana (SOL) Strength Fades: Is the Bull Market Over?

Arman Shirinyan

Bitcoin has collapsed dramatically and could cause serious problems

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The Bitcoin roller coaster took another nosedive, breaking below $60,000 and unsettling the market. This latest decline sees the cryptocurrency dip into the $58,000 area, the market's least expected move. The fall below what many consider to be a solid support level of $60,000 is causing some panic.

This worrying move could have been seen as a dark cloud, but there is a silver lining that has crypto believers paying attention to the calendar: the Bitcoin halving. This event, scheduled for around April 20th, has always been known to shake up the market in unexpected ways. The halving could tighten supply and potentially swing the pendulum back in favor of higher prices.

BTC/USDT chart from TradingView

Looking at the charts with a magnifying glass, we can see that Bitcoin's next test of support is at $58,572, just a stone's throw from its current level. Failure to hold this line could see the decline continue towards the $50,319 area, where the next safety net lies.

But let’s not write off Bitcoin just yet. If it manages to bounce back and break the $60,000 cap again, it could return to its recent comfort zone. The first sign of recovery will be to regain ground above this critical level, with eyes then set on $68,789 – a formidable resistance that could block the path to its previous highs.

The farewell to Ethereum

Ethereum’s drop below $3,000 is more than just a number – it’s a signal. It shows us that the confidence that drove prices higher has faltered. The decline was sharp enough to make even the staunchest proponents a little nervous about what comes next.

We discovered some levels that could give us insight into where things could be going. Ethereum is currently testing the terrain below the $3,000 mark. If it doesn't bounce back soon, the next floor could be around $2,800, a point that could provide some resistance to the decline. As Ethereum bounces back, watch out for the $3,200 cap – it's the next battle to win for hopes of a recovery.

There is a real chance that ETH could continue to decline, especially if the price does not quickly rise back above $3,000. However, with the halving underway, it is still too early to count it. An increase in inflows into the market could change the situation in favor of the bulls faster than expected.

Solana remains suppressed

Solana, the cryptocurrency that is on many investors' watchlist, is showing signs of strain. After a period of growth, SOL slipped through a strong support level around $130 and now people are worried. If prices continue to decline and fall below $100, that could spell real trouble.

Key indicators that many traders look to to spot signs of recovery, such as the RSI and moving averages, have been breached. Currently, Solana is struggling to find an appropriate base for the price.

The situation looks tense. With the support at $130 now a thing of the past, the next checkpoint is at $100.

However, not all hope is lost. There is still a chance of a trend reversal. Growth could be around the corner if Solana manages to recover and break through resistance levels, especially around $150, which could serve as a ladder to climb back up from its current position.

The future of Solana is not set in stone. If it finds strength and breaks above these resistance levels, it could regain its previous momentum. But if it continues to decline, the drop below $100 could be a harsh reality test for the coin and its investors.

About the author

Arman Shirinyan

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with in-depth analysis of crypto projects, and technical analysis of cryptocurrency trading pairs.

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