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Bitcoin’s failure to break above $70,000 and Ethereum’s drop below $2,000 have occurred simultaneously, spreading renewed downward pressure across the broader digital asset market.
According to crypto media outlet AMB Crypto on March 7 (local time), Bitcoin (BTC) fell about 4.03% over the past 24 hours to trade at $68,084. During the same period, Ethereum (ETH) declined approximately 4.48% to $1,983, slipping below the psychological support level of $2,000. As both assets failed to defend key price levels at the same time, the overall market shifted into a bearish trend.
Major altcoins also moved lower across the board. Binance Coin (BNB) dropped about 2.98%, XRP (Ripple) fell around 3.63%, and Solana (SOL) declined roughly 4.08%, with most leading assets posting losses. Given that Bitcoin and Ethereum account for a significant share of the total cryptocurrency market capitalization, their movements are largely dictating the market’s direction.
Technically, Bitcoin has re-entered a correction phase after failing to break through the $70,000 resistance level. During its recent rebound, BTC tested the $70,000 range multiple times but ultimately faced rejection, triggering a pullback. The current price is moving within a range between $65,000 and $70,000, reflecting consolidation following a correction rather than a full bullish reversal.
Momentum indicators also reflect a cautious sentiment. Bitcoin’s Relative Strength Index (RSI) stands at around 46, remaining below the neutral level of 50 and indicating limited buying pressure. If selling pressure intensifies, the next major support level is analyzed to be near $65,000.
Ethereum is showing a similar pattern. ETH has attempted to reclaim $2,000 several times recently but failed on each attempt, turning the level into short-term resistance. Its RSI currently sits near 44, signaling weaker momentum than Bitcoin, and the price appears to have entered a range-bound phase between $1,800 and $2,100 as it searches for direction.
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