- Bitcoin price hovers at $19,755.50, up by 1.92 per cent
- Ethereum trades at $1,130.90, up by 10.56 per cent
- Other cryptocurrencies rise 5%
Despite showing some resistance by gaining only 1.92 per cent, the Bitcoin price still started the week weakly, trading at $19,755.50.
The worry for investors is whether Bitcoin will achieve the support level after the independence holiday break from trading.
Bitcoin wasn’t the only large cryptocurrency by market capitalization that had suffered the price fall as all others were performing below average.
Ethereum, the number two in the world, was also underperforming, dropping by 0.51 per cent to $1,054.50 before the long weekend.
Co-Founder and CEO of Mudrex, Edul Patel made the following remarks;
“With the crypto cryptocurrency market consolidating for the past few days, the support and resistance levels for bitcoin and Ether would be crucial levels to watch out. Technical analysis reveals that bitcoin could go to as low as $15,600 mark if the support levels fail,”
In summary, the cryptocurrency market remained depressed as investors shy away from taking risks amidst the high inflation and geopolitical crisis that may give birth to a recession.
The good news this week is the revamping of Bitcoin where it temporarily traded slightly above $20,000 as whales aggressively made purchases early Tuesday before falling lower but maintaining resistance to fall further.
And as Patel had predicted, Bitcoin has always recovered, giving relief once more to investors.
Patel further noted.
“Bitcoin has been trading below the 200-week moving average. In instances where bitcoin has traded below the 200-week moving average, it marked the end of the bear phase and bitcoin has traditionally recovered from that point. It would be interesting to see how the price action plays out over the coming few days,”
The bullish performance of other cryptocurrencies is also encouraging today, as each traded higher by over 4 per cent.
Here is how the market was for some popular cryptocurrencies by the time of writing this report;
- Solana fell by 9.97 per cent
- Dogecoin was up by 4.64 per cent
- Polkadot was up 4.28 per cent
- Cardano up 4 per cent
- Shiba Inu is slightly up by 7 per cent
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