Let's get a view of what's going on in the cryptocurrency market at the moment now, like bitcoin and ethereum rates, and also the prices of some of the more common altcoins.
Yesterday, Bitcoin began a downtrend after failing to break through the $50,000 resistance mark. BTC declined below the support levels of $49,500 and $49,000. It also dropped below the $48,000 resistance mark. The bulls, on the other hand, were able to hold the $47,000 support level.
It seemed to stabilize above $47,000. On the hourly chart of the BTC/USD pair, it appears that a crucial declining channel or a bullish flag was formed with resistance close to $49,000. The price broke out to the upside beyond the channel resistance, and the BTC kept rallying and pushed through the $50,000 barrier.
It is currently trading above $51,500 as of the time Of this report. The next significant resistance level is expected around $52,000; the bulls are likely to push beyond that point, possibly towards $55,000.
Ethereum smashed through the $1,550 resistance barrier and tested the $1,600 level. Before starting a downward correction, the price of ETH reached a peak of around $1,596.
The support at the $1,550 and $1,525 levels weakened and lost, and it even tested the $1,450 level.
However, it recovered nicely and scaled the $1,500 and resistance level. It also scaled the crucial resistance level at $1,600. It is currently trading very close to it. If it continues higher, it could mount the next resistance level at $1,680.
In other ethereum news, Amazon, the world's largest technology corporation, recently revealed the official launch of Ethereum on its managed blockchain. Amazon Managed Blockchain “increases the effectiveness of customers' Ethereum infrastructure by tracking node health, replacing unhealthy nodes, and automating Ethereum app upgrades.
Clients developing analytical products such as smart contract monitoring tools and fraud detection apps, in addition to DeFi applications, will profit from this scalable, highly accessible, and secure platform.
Checkout other altcoin prices for today.
Bitcoin Cash began the day in an increase. Its lowest point was at $514. It started a rise shortly after that and peaked at $548 where it is still trading.
Ripple's highest peak was above $0.465. Its intraday low level was at $0.433. It is still trading above $0.465.
Litecoin experienced a gradual increase, its intraday low was at $176 before it gained. It hit its peak at $196 and is still increasing.
In conclusion, the market still appears to be in a bull trend, despite the recent decline, most of the cryptocurrencies appear to be doing well.
