More cryptos fall; what if Bitcoin drops to $22,000?

(Sharecast News) - New falls in the cryptocurrency market; Bitcoin (BTC) drops 1% in the last 24 hours and falls below $25,700, while Ethereum (ETH), which drops slightly less, is putting $1,600 in danger. Over the past day, the market has lost 0.86% in market capitalization. The situation continues to show no signs of changing in the coming days. The Securities and Exchange Commission's (SEC) decision to delay its decision on spot Bitcoin exchange-traded funds (ETFs) erased the gains made by digital assets following the Grayscale court victory.

Although experts believe that, in the long run, this ruling will be positive for the price of the reigning cryptocurrency, Bitcoin has been unable to regain $26,000 in recent sessions.

In fact, some market observers believe that BTC is clearly looking down. This is the case of Javier Molina, senior market analyst at eToro, who stated that Bitcoin, which is holding up "for the moment" to short term investor selling, is heading towards a scenario that "will take leveraged investors out of the market" and visit $24,8000-$25,000. "In that zone, the logical thing would be to lose $25,000 to liquidate all those positions on margin, to recover later and mark another accumulation zone (always in DCA or Dollar Cost Average) for long-term investors who understand the value proposition," he added.

All in all, Molina warned that, if $24,000 is lost, the scenario would become clearly bearish and the reigning cryptocurrency would head towards $22,000.

For his part, César Nuez, technical analyst at Bolsamanía, stressed that Bitcoin has complicated its technical aspect after the latest falls and marks the $24,745 support as the price level to watch. "Very attentive to the abandonment of this level of demand because, if it leaves it behind, its technical prospects would be strongly complicated, being very likely the return to the level of $20,000," he noted.

"We will not see again a sign of strength in its technical aspect as long as it does not manage to overcome the level of $28,620, prices 10% above the current quotation levels", Nuez added.

In other market news, highlights include declines of 2.5% in Solana (SOL) and a rally of more than 1% in Dogecoin (DOGE).