• The largest cryptocurrency by market cap, Bitcoin (BTC), fell more than 6% on March 3.
• Analyst Justin Bennett stated that Bitcoin bulls should closely monitor the $23,130 price for BTC.
• Ethereum (ETH) and Polygon (MATIC) are also facing bearish sentiment, according to Bennett.
Bitcoin (BTC) has seen a decline of more than 6% on March 3rd amid rising FUD in the cryptocurrency market. Analyst Justin Bennett believes that Bitcoin bulls should be careful of the $23,130 price as it is a key level for them to retake if they want to prevent another sell-off. If they fail to do so, then the next stop would be near $20,800 liquidity pool.
Bennett believes that Ethereum (ETH) is following in Bitcoin’s footsteps and will continue trading below the $1,600 level until bulls manage to retake the resistance at $1,605. If ETH fails to reclaim this price region then it may retest for support at $1,500 and possibly fall even lower towards $1,420 confluence of support.
As per Bennett’s analysis Polygon (MATIC) appears to be in danger of falling below $1 if it closes below its current resistance at 1.179 which could mean a next stop at 1.056 or even lower at 1 mark with MATIC showing signs of increasing weakness in recent times.
The overall bearish sentiment within the cryptocurrency market has caused all major digital assets such as Bitcoin (BTC), Ethereum (ETH), and Polygon Matic (MATIC). Analysts believe that these coins should be monitored closely for important levels of resistance and support as failure to take back these levels could lead to further sell-offs or losses in value respectively depending upon their positions from respective resistances or supports