Bitcoin, Ethereum Plunge 14.60%, 20.46% in 30 Days, Market Cap Drops to $2.71 Trillion

Bitcoin and Ethereum, the two leading cryptocurrencies, have experienced a significant price plunge, with the overall crypto market cap dropping to $2.71 trillion. This decline has pushed the Fear and Greed Index to 17, indicating extreme fear among investors. The market's leaders, Bitcoin (BTC) and Ethereum (ETH), have seen their prices drop by 14.60% and 20.46% respectively over the past 30 days, including today’s 3-4% losses. This raises the question of whether the current prices present a buying opportunity ahead of the next rally or if more losses are on the horizon.

Bitcoin, which had maintained a steady pace above the $95,000 mark from January to late February, has struggled to reclaim that level over the last two weeks. Currently priced at $81,928, Bitcoin is expected to reach its next support level of $73,000, according to crypto analyst Alaoui Capital. Crypto Fella, a trading advisor, also expects a further dip, placing the target around the $78,000 level before BTC rallies, anticipating the leading cryptocurrency’s rise to a new all-time high above the $120,000 mark. With BTC’s 14-day Relative Strength Index (RSI) at 34.89, the token is slowly approaching oversold territory, which often indicates rebound potential. Additionally, the presidential order prevents the heads of each US agency from selling or otherwise disposing of their BTC holdings, which are currently worth $16.19 billion.

Ethereum, after soaring from $2,422 to above $4,000 following the US Election Day in November 2024, has seen a continuous downturn in its price. Currently priced at $2,103, ETH is still above the $2,100 critical support level but nearly dipped below $2,000 yesterday. Crypto expert Tony Severino voices bearish sentiment, as he doesn’t expect ETH to breach the $2,400 level resistance soon. However, chart analyst Crypto Admiral believes ETH is capable of pushing above $2,460, which would help the token gain momentum and trigger a rally. ETH’s 24-hour long/