Renowned analyst il Capo recently shared his insights following a significant market drop in the world of cryptocurrency. The decline in Bitcoin and other cryptocurrencies was triggered by a live broadcast by RoaringKitty, a prominent GameStop influencer, which attracted half a million viewers and was aired on channels like CNBC in the USA.
The connection between GameStop shares and memecoins in the cryptocurrency realm became evident as the depreciation of GameStop shares caused a bearish trend among memecoins, subsequently affecting the entire cryptocurrency market, including Bitcoin. As of the time of this writing, Bitcoin’s price stands at $69,034, reflecting a 3% decrease in the last hour.
il Capo, a highly respected figure in the cryptocurrency industry, shared his latest analysis post the market drop. He noted a strong selling pressure in the support area and highlighted the bloodshed in altcoins, labeling it as a necessary “shake-up.” Despite this, il Capo suggested that the bullish momentum could persist if the current support levels hold.
The analyst identified the first support level for Bitcoin at around $69,000, with the second support level at approximately $67,000. On the Ethereum front, he cautioned against dipping below $3,600. Additionally, il Capo pointed out a crucial support level test for Solana.
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