When will the bitcoin market’s current downturn come to an end?

The bulls were unable to take the lead, and all of the top ten coins have continued to plummet.

BTC/USD

The price of Bitcoin (BTC) stabilized in a sideways range yesterday morning, with the POC line ($61,190) at the top and the psychological threshold of $60,000 at the bottom.

The bears were able to puncture this psychological support during the day, and the pair plummeted out of the range, hitting the November low at $58,563.

Buyers attempted to return the pair to the sideways range and test its upper boundary in the afternoon, but the BTC price fell down to the monthly low zone again overnight. At $58,000, one may look for robust support after some recovery. However, given the significant volatility of prices and the bearish dominance, sellers will most likely be able to push prices lower to $55,287 in the second part of this week.

At the time of writing, Bitcoin was trading at $59,724 USD.

ETH/USD

Yesterday morning, sellers were able to penetrate the $4,300 support numerous times, each time attempting to update the monthly low. The Ethereum (ETH) price fell through the $4,200 support level in the afternoon, settling at a low of $4,106.