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The price of Bitcoin is on a downtrend below the pivot level of $ 32,000. BTC even broke through the main support area of $ 30,000. The price is currently (04:23 UTC) lower and it may even test the near term USD 28,000 support.
However, BTC is the top performing major crypto asset today, as nearly every top 100 crypto asset has fallen even more.
ETH is down 8% and it even broke through the support zone of $ 1,750. XRP fell 10% and it even tested the support area of $ 0.520.
Meanwhile, stocks, bond yields and even commodities are all down.
“There have been growing concerns about COVID-19 and how it could hamper the current maximum capacity recovery that we are seeing, concerns that have infiltrated the bond market in recent weeks and have now spilled over to equities,” Mati Greenspan, Founder and CEO of Quantum economy, wrote in its newsletter, adding that “another headwind for risky assets right now is a stronger US dollar.”
According to Greenspan, for BTC, a stronger dollar outlook, especially in the face of a declining crypto market, means more people will likely prefer to keep the ball, at least for now.
Total market capitalization
Bitcoin price
Over the past three sessions, the price of bitcoin has fallen below the support levels of $ 32,000 and $ 31,000. BTC even broke through the $ 30,000 support level to enter further into a bearish area. The price is now showing bearish signs and it could test the support level of $ 28,000. The next major support for the bulls is near the $ 25,000 level.
Immediate upside resistance is near the $ 30,200 level. The first major resistance is now forming near $ 31,000, above which the price may revisit $ 32,000.
“The Bitcoin network currently settles $ 5.3 billion / day, up from $ 15.5 billion in daily settled volume at the peak of 2021. This demonstrates that the relatively low demand for settlement in value remains in place. Of the volume of transactions being settled, a majority appear to be loss-making coins, “crypto analysis firm Glass knot said yesterday.
As reported, by the end of this year, BTC could reach the $ 66,000 level, as well as exceed $ 400,000 by the end of 2030, according to the median price prediction of 42 industry players. , interviewed by a comparison platform and an information service. Searcher. However, as to how far they expect BTC to drop in this cycle before prices start to rise, Finder found that the panel expects BTC to drop to 25,112. USD, which is an average of the forecasts of 23 panelists who answered this question.
Ethereum price
Ethereum’s price also followed a similar path and extended its decline below the $ 1,850 support. ETH even broke through the $ 1,800 level and is approaching the $ 1,700 level. Further losses could drive the price towards the level of $ 1,650 in the near term.
If there is a further rally, the price may face resistance near $ 1,800. The first major resistance for a steady recovery is now near the $ 1,850 level.
ADA, LTC, DOGE and XRP prices
Cardano (ADA) is down 10% and even broke the support level of $ 1.10. ADA is currently testing $ 1.05. The next major support is near the $ 1.00 level. If the bears clear $ 1.00, there could be a steep drop towards the $ 0.88 level in the near term.
Litecoin (LTC) fell more than 10% and broke the support at $ 112. LTC is currently testing support at 105 USD. Major support is near the $ 100 level. A break down below the $ 100 support could push the price towards the $ 92 level.
Dogecoin (DOGE) extended its decline below the $ 0.180 support level. It even broke the $ 0.165 support and is now showing bearish signs. If there is a breakout below $ 0.150, the price could test the $ 0.120 level.
The price of XRP accelerated losses below the support level of $ 0.55. It even climbed below $ 0.520. It looks like the price might test $ 0.50 soon. If there are more downsides, bears could aim for a test of $ 0.42 in the near term.
Other altcoins market today
Many altcoins fell over 10% including XEM, FLOW, MDX, STX, KCS, ENJ, DCR, KSM, MANA, RUNE, TFUEL, SC, MATIC, DOT, ZIL, and COMP. Of these, XEM fell almost 25% and traded below 0.12.
Overall, the price of bitcoin is gaining ground below $ 30,500 and $ 30,000. If BTC settles below $ 30,000, the price could drop to as low as $ 25,000 in the short term.
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