BTCUSDT Today, the crypto market is experiencing a downturn, with Ethereum's post-Shapella rally being pared down and the total cryptocurrency market capitalization losing nearly 4% in 24 hours. The downturn comes as regulatory uncertainty and weakening macroeconomic conditions cast doubt on the cryptocurrency market's bullish outlook.
Bitcoin, in particular, has hit a 7-day low of
29,158 after failing to maintain the key 
30,000 level, causing concern among traders who fear a revisit to bear market lows. Despite ETH staking deposits surpassing withdrawals the day before, Ether also breached the 
2,100 level post-Shapella upgrade and hit an 11-month high before dropping to a 7-day low of 
1,972 on April 19.While Bitcoin and select altcoins turned down sharply on the same day, there is a minor positive in that the bulls are trying to defend their respective support levels. The current volatile moves in Bitcoin suggest that buyers and sellers are vying for supremacy, and the BTC/USDT pair is currently facing a keen battle between the bulls and the bears at the 20-day exponential moving average (
29,092).If the price dips below the 20 day EMA, Bitcoin could fall to support levels of
27,800 and then 
26,500. Let's hope for the best.Let me know what you think!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.