Bitcoin Tests Crucial Support: Could It Bounce Back After a Correction?

The cryptocurrency market witnessed a significant downturn today, erasing nearly 5% of the total market capitalization. Both Bitcoin (BTC) and Ethereum (ETH) experienced sharp declines, resulting in over $1.18 billion in total liquidations, with long positions bearing the brunt of losses. Bitcoin alone dropped around 6% within the last 24 hours, but a closer look at the chart reveals a potential glimmer of optimism: a key moving average (MA) support level that could influence Bitcoin’s next significant move.