Bitcoin and Ethereum Keep Failing Near Key Hurdles
The price of bitcoin made an attempt to break higher, above the important resistance zone at USD 30,500, but it was unable to gain enough power for a decisive move and instead corrected lower. At the moment (04:03 UTC), it has decreased by 3 percent over the course of the day and is trading close to USD 29,300. Additionally, Bitcoin has experienced a weekly loss of 2%.
In a similar vein, the majority of significant cryptocurrencies have a difficult time overcoming key obstacles. The price of ETH peaked close to 2,080 USD and has since fallen below 2,000 USD. If it trades at a price lower than 0.40 USD, XRP may experience a significant fall. ADA was unable to maintain a price over 0.55 USD.
Following a consistent advance above USD 30,000, the price of bitcoin encountered resistance. BTC had a difficult time breaking over the resistance levels of USD 30,500 and USD 30,550. As a direct consequence of this, a new bearish reaction occurred below the level of 30,000 USD. Even worse, it traded lower than the USD 29,500 support level. Immediate support might be seen close to the level of USD 28,800. The price may begin a more significant decrease if it falls below the USD 28,500 level, which is the next significant support.
To the upside, the first significant barrier to overcome is located close to USD 30,000. The price could gain bullish momentum if it is able to trade over the key resistance level of USD 30,500, which is still relatively close by.
“Bitcoin was able to maintain the support levels it reached the previous week and even sought to break out of its trading range, which was to be expected. Bitcoin must first successfully break above the major resistance levels between USD 31,000 and USD 32,000 before we can look toward further gains in the cryptocurrency’s price. Once more, we have not yet seen significant buying action, which is the kind of activity that is normally indicative of a successful reversal, and we have plans for both positive and negative price action from here on out “In an email comment, BitBull Capital CEO Joe DiPasquale made the following statement.
The price of Ethereum
The price of Ethereum likewise followed a pattern that was very similar and was unable to gain enough strength to break above the resistance levels of 2,080 and 2,120 US Dollars. The price of ETH has lost some of its recent gains and fallen below 2,000 USD. It has decreased by 2 percent both in the past day and in the past week, and is currently trading close to 1,990 USD. Near the level of 1,950 USD lies an early point of support. The price may begin a more significant slide if it falls below the USD 1,920 level, which is the next important support that is nearby.
When looking at the market from an upside perspective, an immediate barrier may be found close to the 2,020 USD level. The price may make an attempt to break above USD 2,120 if it manages to trade higher than the next key barrier, which is located close to USD 2,080.
Cardano (ADA) broke through the USD 0.55 resistance level with a significant rise. Nevertheless, it was unable to maintain its position in the positive zone and fell below USD 0.52. The level of 0.50 USD acts as the primary support.
BNB made an effort to strengthen itself over the USD 332 level but was unsuccessful. It is currently trading below USD 330 and there is a possibility that it may continue to fall lower, possibly approaching the USD 320 support level.
The Solana (SOL) cryptocurrency was unable to break over the USD 55 resistance level. It has dropped by 5% and is currently trading below the USD 50 support level. It is possible that the price will fall closer to the USD 45 level if the bears continue to be active.
The price of DOGE is currently lower than 0.0850 USD. The next significant support is located close to the level of 0.082 USD. If further losses occur, there is a possibility that the USD 0.080 support will be tested.
The price of XRP is still trading higher than 0.40 US dollars per coin. In the event that the USD 0.40 support zone is breached to the downside, a more significant loss might be in store for the upcoming sessions.
Alternate cryptocurrencies in the market today
Several alternative cryptocurrencies, such as AVAX, MATIC, LEO, CRO, NEAR, XLM, ALGO, HBAR, MANA, ICP, and SAND, are experiencing downward price movement. On the other hand, LRC experienced a price increase of 15 percent and went above USD 0.58. This brought its weekly gains to 24 percent and elevated it to the position of best performer among the top 100 cryptocurrencies in terms of market capitalization.
To summarize, the price of bitcoin is seeing a slow but steady decline and is getting closer to 28,800 USD. There is the potential for a steeper collapse in BTC if it is unable to maintain a price over USD 28,500. On the other hand, it is possible that it will move within its typical range and increase towards USD 30,500.