Led by Bitcoin, Ethereum, here's why the crypto market is down today

The cryptocurrency market, led by Bitcoin and Ethereum, is experiencing a downturn due to a significant correction phase. Bitcoin is struggling to maintain support at the $56,000 level, facing a challenging correction cycle despite positive inflows and low liquidations. Meanwhile, Ethereum shows increased activity in its derivatives market, though its recovery pace lags behind Bitcoin's.

Investor sentiment is wavering between hope for a breakout and fear of further declines, with technical indicators like RSI Bullish Divergence suggesting a potential reversal for Bitcoin. Despite the current market challenges, experts remain optimistic about a breakout, advising investors to maintain their positions in anticipation of future gains.