Key Takeaways
- Bitcoin price has suffered a dip below the major USD 19,500 support.
- Ethereum also declined over 8%.
The recent news is that Bitcoin and Ethereum prices have suffered a dip. Bitcoin, particularly, has failed to outdo the USD 20,500 resistance zone. This news comes as a very unfortunate one for the cryptocurrency community. Bitcoin began to fall precipitously and was trading below the USD 19,500 support level. At the time of this writing, it has suffered a decline of over 5%. Many crypto enthusiasts project that it might suffer another decline which would see it genuflect as low as USD 18,000.
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Bitcoin and Ethereum Dive As Crypto Market Takes A Hit
This decline, in the same feat, has affected other altcoins; for example, ETH declined over 8% and even spiked beneath USD 1,500. Despite the several failed efforts, Bitcoin price responded to the snag below USD 20,000. It has suffered a decline over 5% and there was a close beneath the USD 19,000 range.
On the contrary, a prior support is found close to the USD 18,500 range. Though the price possesses a potential to test USD 17,6000 beneath the next keynote support, which is found close to the USD 18,000 range. However, in the case of a positive trend, traders might be found close to USD 19, 2000. Very close to the USD 19,500 range, the following key resistance is currently growing.
The price of Ethereum peaked at around USD 1,685. ETH had a sharp fall and traded below the USD 1,600 level. It is down more than 8%, and there was a jump below the support level of USD 1,500. On the downside, a temporary support is currently located close to the USD 1,450 mark. The price might fall as low as USD 1,350 below the next significant support level of USD 1,420. On the bright side, the bear may continue to trade close to the USD 1,550 mark. The price may initiate a new increase if it rises above the next significant resistance, which is located close to USD 1,600.
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