Cryptocurrency Market Plummets as Bitcoin and Sui Prices Tumble

The cryptocurrency market is experiencing a significant downturn, with Bitcoin (BTC) falling to a two-week low. This decline is attributed to renewed selling pressure and institutional demand withdrawing from the market on Monday. Strategy (MSTR) did purchase some recent dips, but this has not been enough to halt the downward trend.

The Sui (SUI) price has also taken a hit, declining by 3% at press time on Tuesday. This marks an extension of its downside breakout from a short-consolidation range confirmed the previous day. The retail sentiment is bearish, as evidenced by increased long liquidations and a sharp drop in the funding rate.

The crypto market cap has experienced significant losses, decreasing by nearly 5.5% over the past 24 hours to $2.19 trillion. This decline brings the market back to levels seen early February. If there is a rebound by the end of the day, it could potentially form a double bottom, indicating a possible 10% recovery. However, a failure to rebound would signal the end of the current recovery and open up potential for a further 25% decline to the 2023 consolidation range.