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.
Bitcoin began a decline after failing to break through the $60,000 resistance for the second time. It moved into a bearish zone after breaking the $58,000 support level.
A break below the $56,500 support level was also seen and it traded below $58,000. Before beginning an upward correction, the price dipped as low as $55,544. Above the $56,500 and $57,000 levels, there was a break and it started an increase.
The price, however, was unable to break through the $58,000 resistance level. On the hourly chart of the BTC/USD pair, a crucial bearish trend line formed with resistance near $57,500. It is currently trading above $56,000.
Due to a lack of conviction from technical indicators, the long-term trend for BTC is uncertain.
Despite this lack of conviction, indicators seem to be still bullish.
The MACD is still positive, but it has lost all of its authority. The RSI is trending above 50, but it is going in a neutral direction, similar to the MACD.
In other bitcoin news, Long term investors are hodling on bitcoin. According to data aggregator Glassnode, In the last six months, just 36% of Bitcoin's supply has changed, a decrease from 50% during the previous bull run. Instead of selling out as bitcoin price hits new peaks, these old-timers are still hodling with little selling going on. This could signify that they expect the prices to go higher.
Ethereum made another attempt to break through $1,850, but it failed. Before a sharp decline, a high was created near $1,865.
The price fell below the 100 hourly simple moving average after breaking the $1,800 support. The price began correcting higher and traded above $1,800.Its successful trade above $1,800 may necessitate a new test of $1,850. Any further gains in the short term could pave the way for a rally towards the $2,000 resistance level. Near the $1,935 level, there may be some intermediate resistance.
Bitcoin's lowest point was at $514. I peaked at $531 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 $0.553. Its intraday low level was below $0.504. It is still in an increase and is trading above $0.550
Litecoin reached an intraday low of $191. It hit a high of $198 and is currently trading above $195.
In conclusion, long-term bitcoin's market outlook remains bullish. From market and technical indicators, the next all-time high may not be far away.
