BTC and World’s Largest Altcoin, ETH, Hint on A Short Term Bearish Trend

Bitcoin seems to be on a downtrend today after breaking out past its long-term resistance yesterday. Ethereum, Cardano, Binance Coin, and others in the crypto market seem to follow a similar course.

Bitcoin Price Analysis

On Tuesday 24th, Bitcoin was in a continuous downtrend which began in late 23rd, after bitcoin broke out past $50.5k. Coinmarketcap information shows that this coin has reduced by 2.72% in the past 24 hours. BTC is currently trading at $48.2k, a deep drop from the 24 hour high of $49.9k.

The drop to $48.2k was a breakout past the $48.3k support. Bitcoin’s next support level starts at $47.1k. If the coin ultimately breaks out past the $47.1k support, it will be open to a longer-term bearish trend, which could drive it to the next pivotal support at $46k. The long-term support level for Bitcoin can be capped at $32k.

However, it’s much more likely that this downtrend will be short-lived. In a day or a few, Bitcoin will most likely reverse course. If that happens, the coin will face its first strong resistance in the $51.5k-$58k range. If Bitcoin surpasses the resistance, it will be open to further price gains coming in the next few weeks.

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Ethereum Price Analysis

Ethereum, like Bitcoin, has also been noticing some significant downtrends in the past 24 hours. According to CMC, Ethereum has lost $2.67% of its price in the past 24 hours. The coin was trading at a high of $3358 yesterday. However, currently, the coin is trading at about $3231.

The most immediate support level for Ethereum is at $3,189, while the next pivotal support is at $3,038. If the Ethereum coin breaks out past the first support level, it will be open to further price plunges that would drive the coin back to the $2.9k mark.

However, like in the case of BTC, this bearish spell seems like a short-term market pattern. If the coin drops past the first support, it could quickly reverse action because of increased buys. As such, the digital asset would easily make a steady rise leading it to surpass the most immediate resistance at $3433.

Other Top Altcoin: Cardano, Binance Coin, and XRP

The rest of the crypto world seems to be affected by the short-term Bitcoin Bearish. Cardano, which has been in an upsurge for a few weeks, is now on a bearish trend. CMC reports a price reduction of about 5.71% in the past 24 hours and is trading at $2.72.

Binance coin has also been a beneficiary of the recent price actions in the crypto market. After making a $13% price increase in the past seven days, BNB made a 4.1% drop in prices in just the past 24 hours. XRP, one of the largest cryptocurrencies, also made a %4.69% downtrend in the past 24 hours, driving the coin to about $1.19.

Btc

Bitcoin

$27.941
price

0.89264%
price change

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The crypto world market cap has lost by 3.14% in the past 24 hours. This whole episode seems like a short-term price trend that will quickly reverse in the next few days.