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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.
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.
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.