Bitcoin (BTC) and Ethereum (ETH) Market on the Decline, Destruction Observed by Daan Crypto

On-chain data shows that the most affected is Ethereum as prices remain to dip down with increased liquidations.

The cryptocurrency market has seen a decline with Bitcoin and Ethereum being among the most affected in a fluctuating market.

This has been supported by Daan Crypto Traders, a popular market analyst who has provided insights concerning the symbol X, indicating that destruction was observed in many markets.

Bearish sentiments have stretched to the technology sector as tech stocks have plunged deeper than Bitcoin, making it a difficult day for investors.

Many tech stocks down more than $BTC this day.

Many on chain liquidations for things like $ETH as well.

Think stocks are at an interesting area even if its just a local technical bounce.

Besides that, I’m waiting for a range to be formed on things like $BTC and $ETH. No point knife-catching and/or getting chopped up. At least with a range...

— Daan Crypto Traders (@DaanCrypto) December 14, 2023On-chain data shows that the most affected is Ethereum as prices remain to dip down with increased liquidations.

Daan further pointed out that every coin is as close as it can get to an interesting technical bounce zone so he has not been very active in trading at the time of the interview.

“No point knife-catching and/or getting chopped up,” he said, and explained why it was essential to wait for clear ranges to appear in Bitcoin and Ethereum charts.

However, Daan saw the positive in short-term suffering: low yields and the Trump administration’s economic targets. He expected an improved performance in the second quarter of the current year believing that the present decline might be transient.

In the meantime, More Crypto Online gave the technical analysis of the Bitcoin from the price point of view. In a recent X post, they showed that BTC is still floating and unstable, further decreasing in Wave 3. The next important indicators of its value are $75,327 and $72,631. This was said probably indicating if this is it or is the last maneuver for the opponents. However, analyst observed that until there is a 5-wave reversal pattern and the price rises above $85,672, any rally remains questionable.

BTC hasn’t found its footing yet.

Wave 3 still pushing lower, and unless something changes, $75,327 is next in line—then $72,631. Could this be the final flush? Maybe. But without a clean 5-wave reversal and a break above $85,672, any rally remains questionable. Let’s see what the market says.

Experts opine that there are lots of cautions to be had as the market continues to probe for the trigger with traders’ nerves and stop losses . Following Bitcoin reaching its critical support level and Ethereum not far behind, the week has the potential to reveal whether this mark is an opportunity to buy or an indication of more losses to come.

At the time of writing, BTC is trading at $80,751 and showing a decline of 1.69% over the last one day. Currently, Ethereum declines by 7.54% and is currently trading at $1,910.