Daily insight into happenings in the cryptocurrency market every day examining, including the prices of bitcoin and ethereum, and some of the other altcoins.
Bitcoin began a significant downside decline after a rejection above the $60,000 mark. BTC broke through several critical supports near $58,000 to enter a short-term bearish position.
On the hourly chart of the BTC/USD pair, there was also a fall below a critical bullish trend line with support around $58,100. Below the $55,500 and $55,000 support stages, the pair has intensified its fall. Finally, it fell below the $53,000 support level, forming a low of $53,174.
It traded well below $55,000 and even went below $54,000 but support held at the $53,000 level, and it began another increase. It is currently trading above $55,000. The crucial immediate resistance points are at $56,000 and $56,500. If it scaled that then, the next critical points are $57,000 and $58,000.
In other bitcoin news, the factors behind the fear, uncertainty, and doubt (FUD) that put sellers in control and drove BTC prices below $55k include; India's news of the crypto ban, FOMC's coming meeting, and communication of a phishing attack on pancake swap (CAKE) and cream finance (CREAM). But from all indications, the trend is still very bullish, and the market is already recovering. One analyst points out that BTC is in a parallel bull trend channel and could see $100k if it continues.
Ethereum was unable to regain the $1,850 mark and continued to fall. It broke through the $1,800 support zone and traded in a bearish zone.
The price also fell below the 100 hourly simple moving average after breaking through the $1,750 support. The bulls, on the other hand, defended the crucial $1,700 support zone. Near $1,712, a low emerged, but it regained strength and rallied above $1,800, and it's still on the increase.
Take a look at the price levels of altcoins today.
Bitcoin Cash's lowest point was at $506. It then peaked at $541, but it is trading above $525.
Ripple's highest peak was above $0.505. Its intraday low level was at $0.430. It is still trading above $0.460.
Litecoin's intraday low point was at $191. It hit its peak at $206 and is trading above $200.
In conclusion, despite bitcoin's recent correction, the market seems to have rebounded and is still in a bull run.
