The crypto market crashed last week as macro-economic headwinds continue to dampen investor confidence. In particular, investors unwound their bullish bets on digital assets after the latest interest rate cut by the US Federal Reserve, resulting in a market dip. 

Bitcoin plunged below $110,000 last week, bottoming around $108,000 level. Ethereum, on the other hand, dipped below $4,000 for the first time in close to 2 months. While these top two assets have found support, they have remained range-bound. 

Crypto Market Losses $18.65B Over the Last 24 Hours

While the crypto market showed signs of recovery on Friday after a week of turmoil, resistance has suppressed this recovery resulting in further plunge towards previous levels. This has resulted in the crypto market losing $18,657,537,298 over the last 24 hours. At the moment, the total crypto market cap (TOTAL) sits at $3.72 trillion, marking a 0.50% drop on the day.  

Continued plunge could result in the crypto market dropping towards the established support at $3.68 trillion. A breach of this level with bears taking control of the market might cause further plunge to the next support at $3.58 trillion. 

However, if the TOTAL holds the current level and bulls manage to regain control, the market could start to recover. In case of recovery, the crypto market might face resistance at $3.76 trillion. Further upside potential could push the market towards the next resistance at $3.85 trillion or even higher towards $3.95 or even $4.04 trillion. 

But in the meantime, the market could remain range bound between $3.68 trillion and $3.76 trillion, until the next trend is established. 

Bitcoin Stuck Between $108K and $110K

Since plunging on Thursday, Bitcoin (BTC) found support around $108,000. However, the pioneer crypto has since lacked the conviction to recover the recent losses, and has thus remained range-bound. As of this writing, the daily chart on TradingView shows that Bitcoin is trading at $109,569, as it remains stuck between $108,740 and $110,459 over the last three days. 

While the coin has been rather steady over the last few days, a lack of conviction amongst investors could be catastrophic for BTC. In case the price plunges from the current level with a breach of the immediate support, it could drop towards the next support at $107,543. 

But in case bulls regain control and the price holds the current level, the price of Bitcoin could move higher. At the moment, immediate resistance lies at $110,459. A move past this level could send BTC towards the next resistance at $112,099 or even higher. 

Ethereum Climbs to $4,000, But Remains Consolidated

Same as Bitcoin, Ethereum (ETH) too crashed on Thursday last week. Furthermore, the coin has been mirroring a similar pattern to BTC as it remains in consolidation. ETH has been range-bound between $3,831 and $4,076 over the last three days. As of this writing, Ether is trading at $4,007. 

In case the price fails to hold the current level, a plunge will be imminent. Ether currently has support at $3,831. However, a breach of this level could send it down towards the next support at $3,611. 

On the other hand, if Ethereum manages to hold the current level and move out of the consolidation zone to the upside, the price could recover. The next resistance sits at $4,310. Achieving this level in the near future could trigger more thrust towards $4,500 level and potentially stir a stronger recovery. 

Bottom Line

While the crypto market, Bitcoin and Ethereum seem to have found support, failure to recover could spell more doom. At the moment, crypto investors await the next trend across the market. Until then, a cautious approach could prevail meaning BTC and Ether could remain range-bound before the next leg up or plunge.