Cryptocurrency Markets Witness Downturn Amid Regulatory Concerns

In Tuesday's trading session, cryptocurrency markets experienced a downturn, led by declines in Bitcoin, Ethereum, and Dogecoin. Over the last 24 hours, the global cryptocurrency market cap decreased by 1.8% to around $2.34 trillion. The sentiment in the crypto market was further influenced by reports of significant transfers from FTX-associated addresses and the issuance of a Wells Notice to Robinhood by the SEC, alleging unauthorized trading of digital assets classified as securities. Stablecoins represented $69.86 billion in volume, making up 91.12% of the total crypto market's 24-hour volume, as reported by CoinMarketCap. During the same period, Bitcoin's market cap increased to $1.253 trillion, accompanied by a 67.8% surge in BTC volume to $30.57 billion.
It seems that the retracement, which reached the midpoint between the year's lowest and highest points, has temporarily paused. The first resistance will be the 65500-66000 range pointed out yesterday which formed yesterday's high level, with the previous peak at 67200 serving as a crucial determinant for confirming the end of the correction. If surpassed, the initial target could be 71500. Conversely, on the downside, 62200 would act as the first support during pullbacks, while attention would be on 60200 for further declines. Breaching this level could lead to an initial rebound around 58400.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
71500	67200	66000	62200	60200	58400