Renowned analyst il Capo recently shared his thoughts following a significant drop in the cryptocurrency market. The decline, spurred by a live broadcast featuring RoaringKitty, the influential figure in GameStop shares, caused a ripple effect across various assets.
The connection between GameStop shares and memecoins in the crypto realm led to a bearish trend, impacting not only GameStop but also other cryptocurrencies like Bitcoin. As of the latest update, Bitcoin’s price sits at $69,034, marking a 3% decrease in the past hour.
Il Capo, a respected figure in the crypto sphere, highlighted a strong selling pressure in the market’s support level. Despite altcoins experiencing a downturn, il Capo viewed it as a necessary “shake-up” that could potentially pave the way for a bullish trend if support levels hold.
The analyst identified key support levels for Bitcoin at around $69,000 and $67,000, while cautioning against a drop below $3,600 for Ethereum. Additionally, il Capo pointed out a crucial support level test for Solana.
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