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Bitcoin (BTC) is testing an important support zone, although upside appears limited, especially on long-term charts. Momentum continues to slow, which increases the risk of a breakdown. Original Source
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Lately correlated nearly 1:1 with broader equity markets , cryptocurrencies were ahead 3.2% after nearly a week of declines that saw bitcoin (BTC) fall to as low as $24,000. At current press time, the largest crypto is selling for $30,300. Ether (ETH) added 2.2% in the past 24 hours to
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Bitcoin corrected lower and tested the $29,000 support against the US Dollar. BTC must settle above the $30,500 resistance to start a decent increase. Bitcoin failed to gain pace above $31,000 and corrected lower below $30,000. The price is now trading above the $30,000 level and the 100 hourly simple moving average. There
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Further, the recent underperformance of alternative cryptos (altcoins) relative to bitcoin suggests a lower appetite for risk among crypto traders. Typically, alts decline more than bitcoin during down markets because of their higher risk profile. The broader risk-off environment could keep BTC's short-term downtrend intact. Source
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Changpeng “CZ” Zhao, the CEO of crypto exchange Binance, recently questioned the idea of hard forking the Terra blockchain as a means to revive the once-thriving LUNA and UST ecosystems. Following up on the same, CZ revealed his perspective on the appropriate course of action for falling projects across the
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Aave has been on a downtrend since April amidst intense volatility in the market. Major altcoins have extended losses owing to a major sell off all across the cryptocurrency industry. Over the past week, the coin presented lower lows and displayed intense selling pressure. The altcoin has also experienced high trading
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Further, BTC registered a countertrend reversal signal on the daily chart, per the DeMARK indicators. That means selling pressure could wane over the next few days as buyers return from the sidelines. Another daily close above $30,000 would confirm the countertrend signal, although there is a low chance of significant
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Price of Cardano (ADA) has been unstable following larger market trends. Bitcoin slid upto 20% over the past week and major altcoins followed through. Bitcoin’s revisit to levels that it hasn’t touched for months has caused other altcoins to plummet considerably. In just 24 hours, ADA nosedived 20% and over the
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Bitcoin has shed close to 20% of its market value over the last week. King coin underwent six consecutive weeks of bearish pressure. The coin has retested levels that it touched in August, last year. Price had tried to briefly recover as BTC tried pushing the $32,000 price level over the
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Bitcoin (BTC) is deeply oversold on the daily chart, but upside appears limited as long-term momentum deteriorates. Initial support is between $27K-$30K. Original Source
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