Gate News Update: As of March 25, the total cryptocurrency market capitalization is approximately $2.4 trillion, up only 0.12%, showing a generally stagnant trend. Ongoing US-Iran tensions have heightened risk aversion, suppressing speculative asset demand. Bitcoin remains around $70,644, while smaller altcoins like Decred are also under pressure amid the overall market downturn.
Recent news shows that the Irish Criminal Assets Bureau, in cooperation with Europol, seized 500 Bitcoin from former marijuana grower Clifton Collins on March 24, valued at about $35 million. These Bitcoins have been dormant since 2017. Meanwhile, Ark Invest bought $16.34 million worth of stock in Circle Internet Group when its share price dropped 20%, indicating an institutional buy-the-dip strategy.
On the technical side, Bitcoin’s Money Flow Index (MFI) is at 69.49, approaching the overbought threshold of 70, suggesting buying pressure since the February lows is nearly exhausted. If Bitcoin’s daily close falls below the $70,000 support level, it could short-term retreat to $68,830 or even $66,224; resistance levels are at $72,294 and $75,000.
Decred is currently trading at $20.89, down 0.57%, near the Fibonacci 2.786 extension at $20.34. In the short term, prices fluctuate between the $20.34 support and the $21.92 blue EMA line, with the red EMA at $25.31 exerting ongoing downward pressure, indicating a continued downtrend. If the daily close drops below $20.34, next support is at $19.06; a rebound above $21.92 could signal a shift to a neutral trend.
Overall, risk aversion driven by US-Iran tensions, declining institutional risk appetite, and large Bitcoin transfers have pressured the crypto market today. Short-term prices are likely to oscillate between support and resistance levels.
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