BTC Trapped in a Bearish Zone; BAYC NFT Price Floor Falls

Chart of the Day





Digital assets continue to flounder on Tuesday as volatility tightened its grip on the broader crypto market. Investors' concerns surged over the crypto market's liquidity following more troubling news related to Celsius' liquidity crunch and major borrowers in the space being bombarded by margin calls. As of the time of writing, BTC is consolidating losses near the $21k level after shedding 6.8% of its market value in the last 24 hours. The largest cryptocurrency by market cap is trapped in a bearish zone with a major resistance sitting near the $22.1k region.

In a similar vein, ETH is struggling to defend the $1,100 level after posting an 8% loss in the same period. The upside gains for the second-largest cryptocurrency by market cap remain limited with the formation of a bearish trend line with resistance sitting near the $1,240 zone. ETH will likely slide to the $1,000 support zone if it fails to rise above this resistance zone. Most major altcoins remain deep in the red, with TRX sustaining double-digit percentage losses on the back of the recent USDD depeg. Meanwhile, a new wave of redemption has resulted in Tether's free float supply falling below $70 billion for the first time since October 2021. 





Talk of the Town





One of the most sought-after collections in the NFT space is the Bored Ape Yacht Club (BAYC) collection, which can typically snatch up seven-figure sales in a bullish cycle. However, the impact of the recent market meltdown sent ripples across the NFT space, resulting in the falling of BAYC NFT's floor price. As of the time of writing, the cheapest BAYC NFT available in the secondary market has fallen below the $100k mark for the first time since August 2021. In dollar terms, the cost of an entry-level BAYC NFT has dropped nearly 78% in less than two months, alternatively in ETH, the collection has seen its value slashed by half within the same time frame.