It has been almost three weeks since the cryptocurrency industry has been experiencing a downtrend. Despite all the efforts, cryptocurrencies are unable to recover as fast as they had plunged.
Among the rest of the cryptocurrencies, it is the major cryptocurrencies that have the majority of the crypto-investors crossing their fingers. As of now, there is a lot of fluctuation in the prices of cryptocurrencies. The cryptocurrencies are not able to make a fast recovery as the bears seem to be holding the pressure.
In the list, the largest cryptocurrency is Bitcoin (BTC) which is also experiencing a downtrend. The price analysis for Bitcoin shows that the price of Bitcoin is currently revolving at $46,595.55 per BTC after experiencing a 0.98% dip in the past 24-hours.
In the past 24-hours, BTC’s trading volume has surged by 25.39%, which means that the bears are currently selling BTC in order to bring its price lower. As of now, the 24-hour trading volume for Bitcoin is over $34.46 billion. At present, the market valuation of Bitcoin is down to $880.16 billion. This means that Bitcoin is still losing its price and value in the market.
Even the performance chart for Bitcoin is in the downward direction and it is followed by the RSI. This means that Bitcoin is bound to experience a plunge in the upcoming days. It is being expected that the price of Bitcoin may fall below $45k in the upcoming days. If that happens, then the selling activity will be intensified by the bears. This may result in bringing the price of BTC below the $40k price.
The second-largest cryptocurrency is Ethereum (ETH) that has reportedly experienced a 0.83% rise in its price in the past 24-hours. After the recent surge, ETH’s price has come up to $3,916.80. Even the trading volume for ETH has surged up to $26,177,755,126 after growing by 34.59%.
The rise in the trading volume means that ETH is following the same trend as Bitcoin but the bears’ control over ETH is less than BTC bears. This is the reason why ETH’s price is has managed to show some recovery in its price in the past 24-hours. For now, the 4.0k per ETH price is the strong resistance point for ETH. At present, ETH’s price is at $3,916.14, and the bulls seem to be attempting to push its price higher.
However, the bears are expected to show high resistance at not letting the bulls cross the $4.0k mark. As of now, the trendline for ETH is in the bullish zone but the RSI is leaning in the bearish zone. This suggests that ETH may end up plunging down to $3.6k per ETH mark.
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