Bitcoin has been trying to recover from its low of weeks; where does it stand today? The largest cryptocurrency in the market cap has attempted to pass the USD 31,500 level but has not succeeded. The price now stands at USD 29,500. Bitcoin today is down by close to 6%, and in a week, it has fallen 7%.
The other cryptocurrencies similar to bitcoin have tried to gain power, unfortunately unsuccessfully. Ethereum is trading at USD 1,800, and XRP is below USD 0.40.
As of bitcoin and where it stands today. It was at a resistance of USD 31,200 and then reached 31,500. BTC struggled to maintain its gains and created a short-term top near USD 31,700. As a result, BTC temporarily soared below USD 29,500, prompting a severe bearish reaction below the USD 30,000 support. The following critical support zone is near USD 28,500, below which the price may begin a more severe decline. The next necessary resistance level for bitcoin stands at 30,000, leading to potential recovery.
Ethereum experienced a substantial decline in value to below the USD 1,850 and 1,800 support levels. It experienced a loss of close to 7% in only a day and 12% over a week. The downside of Ethereum’s value is that its initial support is the USD 1,700 level. The following support is near 1,650, leading to a worse decline in value. The price at which Ethereum – the second cryptocurrency after Bitcoin – can recover substantially, stands at USD 1,850.
Cardano has also failed to go above USD 0.65. it has fallen to below USD 0.60. Similarly, BNB has declined 8% in value and is currently below the 300 USD level. If the bear market stays present for BNB, it can decrease to 265. Solana is at the USD 40 support level; if it drops more, the price can go as far as USD 36.
DOGE was unable to maintain its position above the USD 0.0800 support level. It is now trading near the USD 0.0780 mark. If it goes below where it currently stands, it can lead to a test of USD 0.0750.
XRP is trading towards the USD 0.38 support zone, falling below the USD 0.40 level. If the bears continue to lose ground, they may test the USD 0.35 support level.
This week, bitcoin’s price lost all its gains and traded below USD 30,000. If Bitcoin falls below USD 29,000, it may struggle to stay above USD 28,500.