Crypto market sell-off leads to $531 million in liquidations as BTC dips to $21,400

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Data from TradingView shows that Bitcoin broke below support at $23,000 in early trading, quickly sliding to a low of $21,290 before reinforcements arrived to put a halt to the sell-off. This marks a daily decline of 9.3% for BTC.The top cryptocurrency now finds itself trading at the bottom of the range it's been stuck in for the past month, threatening to fall back to support at $20,000 if the situation continues to deteriorate.

Breaking it down by asset, Bitcoin traders lost over $203 million while Ether traders at $140 million as a result of Friday’s downturn.The widespread pullback in the crypto market has put bears back into the driver’s seat, according to Kitco technical analyst Jim Wyckoff, who noted that “Bitcoin-U.S. dollar prices are solidly down and hit a three-week low” in his morning Bitcoin brief.

As for what levels to keep an eye on moving forward, the spotlight has once again returned to Bitcoin’s 200-week moving average, which has historically been a reliable bear market indicator.Then it is possible that a relief bounce into the 200-week MA to flip it into new resistance could take place

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