Daily insight into the cryptocurrency market examining highlights of the day. And following price actions of cryptocurrencies such as bitcoin and ethereum, and some of the other altcoins.
There was no clear upside break in bitcoin above the $58,000 resistance zone. As a result, BTC broke the $56,450 support zone to move into a bearish zone.
The bears seized control, with the price failing to remain above the $55,500 support level. On the hourly chart of the BTC/USD pair, there was a break below a critical contracting triangle with support near $56,800. A spike below the $54,500 support occurred, with the price testing the $53,750 support.
Near $53,786, a low has developed, and the price is now recovering and trading well below $54,000. Near the $55,500 level, the first significant resistance exists. And next big resistance level is around $56,000. The primary resistance is now emerging near $56,450, above which the price could revisit the critical $58,000 breakout resistance zone.
In other news, on Tuesday, Bitcoin dropped to $53,000 as US stocks rose, halting its trend of tailing riskier assets even as bond yields and the US dollar fell.
Before the London opening bell, the benchmark cryptocurrency was down 1.13% to $53,500 per token. Bitcoin futures on the Chicago Mercantile Exchange also fell, declining by more than 4% to $53,475. Bitcoin traded at an intraday low of $53,000.
Ethereum, like bitcoin, struggled to push through the critical $1,850 resistance zone and began a new decline. ETH has moved into a bearish zone after breaking the $1,750 support level.
The price fell below the 100 hourly simple moving average after clearing the $1,710 support level. It even dropped below $1,680, trading as low as $1,657. It's currently correcting higher, trading above $1,680. The first big resistance on the upside is near the $1,710 level. The next major resistance is around $1,730. If the price breaks through the $1,730 and $1,750 resistance levels, it may begin a steady climb toward $1,800 or even $1,850.
Altcoins price summary today.
Bitcoin's lowest point was at $514. I peaked at $535 before undergoing a minor correction. It is currently still trading above $525.
Ripple's highest peak as at the time of writing this was at $0.598. Its intraday low level was below $0.543. It is still in an increase and is trading above $0.570
Litecoin reached an intraday low of $183. It hit a high of $197 and is currently trading above $185.
In conclusion, the market seems to be in a slump for now but its seems to still be long-term bullish.
