From bitcoin (BTC) rate failed to break the resistance near USD 44,000 yesterday and the price is on the decline again as a result. At the time of writing, bitcoin is approaching an important support zone and the big question remains whether we will hold out here, or whether we will drop one step lower.
Bitcoin (BTC) Price Cannot Break Resistance
At the beginning of last week it all looked pretty good. The price was able to rise after the supportzone at $40,000 was reached. This zone acted as a springboard for an eventual rise of about 14% to $45,000. The news that China is going to ban crypto transactions, however, threw a spanner in the works.
Bitcoin fell back to $41,000 as a result. This support zone has now held up since September 21, but bitcoin remains close to it. The situation therefore remains uncertain and bitcoin has also fallen again in recent hours. The price is now approaching the aforementioned support zone again.
For the bulls is it important to once again achieve a higher low to put down. It is clear that for now at least there is no clear direction with up at $44,000 strong resistance, but down the support where the price has held up so far.
Ethereum (ETH) Rejected at $3,000
The top 10 altcoins also turn red today. Ethereum (ETH) appeared to be doing well yesterday after ETH managed to rise above $3,000. But this ultimately turned out to be a rejection. The ETH price is currently 6.4% in the red, reaching a value of $2,902.
Cardano (ADA) is 5% in the minus and therefore ends up in 4th place. Tether (USDT) is catching up with altcoin by market cap as ADA slowly dips towards $2. The altcoin in the rest of the top 10 are falling by similar percentages.
Of course there are still some climbers to be found when we zoom out. Fantom (FTM) is 7% in the plus. This makes FTM one of the stars of the moment. Nevertheless, the total market capitalization decreases in value by 5%. All cryptocurrencies combined are now worth $1.85 trillion.
–
