Cryptocurrency pricing experienced a sharp dip in the past few hours, with Bitcoin (BTC) tumbling to just around $29,000 and Ethereum (ETH) trading under $2,000. This recent dip in prices has caused investors to take a step back and pause to evaluate the relevance of these key levels. Prior to this move, BTC had been hovering around $30K, demonstrating a minor recovery from the prior drops.

In the last 15 minutes, where the price of BTC experienced a sharp dive, liquidations were mainly carried out by longs, suggesting it is possibly a classic case of a long squeeze. After hovering around $29K, the BTC priced is now trading around $29,300.

In tandem, ETH appears to be struggling to retain its key level of $2,000 and has been trading slightly below it. The heatmap of major cryptocurrency prices reflects the impact of this dip as many altcoins have been painted in red. While Solana’s (SOL) loss was limited to 8.5%, most of the other coins have been affected more severely; Arbitrum (ARB), for instance, lost 12.6%, while the worst performer of the day, Radix (XRD), lost 9.4%.

Although it is not yet certain whether or not this is a minor correction or the start of a longer term trend, it is clear that we need to pay close attention to the outcome of these crucial levels within the next 24 hours. While BTC was able to maintain its $29,000 price tag, ETH bulls are still fighting for its 2,000 mark.



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