Cryptocurrency Price on March 28: Bitcoin falls below $70,000; Ethereum, Avalanche decline up to 4%

In a mixed day for bulls and bears alike, BTC first broke the $71k mark before breaking below $69k causing over $175 mn of long liquidations as well as over $80 mn of short liquidations. The short selling began as a federal judge in New York ruled that the SEC can proceed with its lawsuit against Coinbase for unregistered sale and offer of securities, said CoinSwitch Markets Desk.

Meanwhile, Vikram Subburaj, CEO of Giottus, said, "Bitcoin is fighting to hold on to the key $69,000 level after dipping post FUD around Kucoin and Coinbase in the US. We anticipate a period of consolidation before BTC can retest $70,000. If Bitcoin holds $69,000 on weekly and monthly closes this weekend, the possibility of new highs in early April becomes strong."

The total volume in DeFi is currently $12.47 billion, 10.46% of the total crypto market 24-hour volume. The volume of all stablecoins is now $106.9 billion, which is 89.64% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $1.368 trillion. Bitcoin's dominance is currently 52.29%, according to CoinMarketCap. BTC volume in the last 24 hours rose 14.2% to $41.14 billion.

"Technically, BTC is consolidating within a range after an upward movement, finding support at the 20EMA 4 H level, which is robust. The key level remains at $69,000, with BTC needing to maintain position above it. Resistance is at the all-time high, which BTC must clear for new highs," said CoinDCX Research Team.

ETH continues to underperform BTC, currently hovering slightly above $3,500 and below the 20EMA D. To see a significant upside move, ETH must first surpass $3,650, while $3,450 serves as a support level. it said.

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Source: Forex-Markets-Economic Times