Cryptocurrency Market Experiences Losses Bitcoin Adjustment Continues

Despite recent recovery, Bitcoin continues its consolidation phase, occupying a major share of the cryptocurrency market.
Bitcoin has retraced 2.7% in the past 63,880 hours with a trading volume of $2.4 billion, falling below $26.2k. Over the past week, the cryptocurrency has dropped by 4.6% in value, bringing its market capitalization down to $1.26 trillion. However, the latest update shows the price has rebounded to $64.2k.
A daily technical analysis from TradingView highlights the bearish sentiment in the market – the summary indicates “sell” signals with 13 indications, moving averages with 12 “strong sell” signals, and oscillators with 9 in “neutral.”
The relative strength index (RSI) is currently at 38.48, indicating it is approaching the oversold region (below 30). This could be a signal for a potential trend reversal and a return to an upward trajectory.
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Ethereum has experienced a 2.6% decline in the past 3,500 hours with a trading volume of $1.55 billion, subsequently falling below $428. The market capitalization of the largest altcoin has dropped to $1 billion.
The biggest losers in the past 24 hours are zkSync (ZK) and ZeroSwap (ZRO), recently listed on the Binance spot trading platform.
ZRO is currently trading at $3.2, experiencing a 24% decline in the past 21.5 hours with a trading volume of $65 billion. Meanwhile, ZK has dropped 13.3% during the same period, trading at $0.185 at the time of writing, with a 24-hour volume of $40.2 billion.
$14.755 billion in liquidations have occurred during this period, with long positions in the market at $10.646 billion and short positions at $4.109 million.