Market Status: Bitcoin and Ethereum Struggle for an Uptrend
The price of Bitcoin failed to create an upward trend and break the resistance of $20,500 and fell again. Currently, the price is in the range of $20,100 and has recorded a 2% decrease compared to yesterday and a 6% decrease compared to last week.
To Report Crypto News, today most of the altcoins in the market are also in a downward trend. Ethereum did not overcome the $1,600 resistance and saw its price correction. XRP is stuck in the $0.32 support zone. Cardano price also fell again after it failed to break the $0.465 resistance.
Bitcoin price
Bitcoin, which rose a while ago to break the $20,500 resistance, faced strong resistance from the market bears, or the supporters of the price reduction, and the price once again returned to the $20,000 level. If the downtrend continues, the first support is at $19,750 and the next key support is at $19,500. Price passing through these supports can lead to an increase in the speed of the fall.
Now, if the trend goes up, the first resistance in the range of $20,320 and the next resistance in the range of $20,500 will be expected. Crossing these resistances can promise an increase in the speed of Bitcoin price growth for its investors.
Ethereum price
Ethereum was trying to get above the $1,620 resistance; But its uptrend failed to cross the $1,650 resistance. After that, a bearish correction took the price down to the $1,550 range. Ethereum has lost 3% overnight and 6% over the past week. If the price trend turns up, Ethereum market bears will be waiting in the $1,600 and $1,620 ranges.
Otherwise, if the trend is bearish, Ethereum’s first support will be at $1,550 and the next key support will be at $1,500. Crossing these supports could cause the price to drop to the $1,420 level.
The price of altcoins
Cardano did not reach the resistance of $0.475 and changed the trend below the level of $0.45. If the Cardano market bears are still active, there is also a possibility of a move to the $0.42 support zone.
BNB is moving 4% below the $280 level. The next key support is close to the $275 level, the loss of which can reduce the price chart to the $262 support.
The price of Solana fell below its $32 support. The next key support is in the $30.5 area, and its loss could be seen as a fall to the $29.80 level.
Dogecoin lost support at $0.0620. Bears in the DogeCoin market seem to be aiming to push the price down to $0.060. A loss of this support could pave the way for further declines in the price of Dogecoin.
The price of XRP stabilizes in the region of $0.32. If the price trend is down and the support of $0.32 is lost, there is a possibility that the price will reach the level of $0.30.
In short, Bitcoin is trying to break through the $20,500 resistance. If the price is below $20,000, reaching the $19,500 support is not unlikely.