- Bitcoin hit a new all-time high of around $ 61,096, but lost ground towards $ 50,000.
- India is proposing a comprehensive cryptocurrency ban that even bans holding assets.
- Ethereum is seeking support at the 200 SMA to avoid losses towards $ 1360.
- Former Ripple CTO Jed McCaleb sells 150 million XRP as air pressure intensifies.
Cryptocurrencies in the market lost some of the gains accumulated over the weekend following news about India ‘calibrating’ its stance on bill to ban cryptocurrencies in the vast country . The new report hints at a total ban on trading, owning and operating digital assets.
Bitcoin rose above $ 60,000 and traded a new all-time high at $ 61,096; however, he was forced to revise downstream levels to $ 55,000. Market instability leaves no stone unturned as other assets such as Ethereum, Ripple, Binance Coin and Cardano are in the red.
Bitcoin loses over $ 5,000 in less than 24 hours
Bitcoin has lost a significant portion of its value following the spike to a new all-time high. The volatility is linked to India’s impending ban on cryptocurrencies. The country has a large population that depends on the trade and exploitation of digital assets. News about the ban likely to reduce their income is doomed to panic and volatile markets.
Bitcoin is trading at $ 55,600 at the time of writing. Ongoing losses are likely to spread further, especially with the simple moving average (SMA) support giving way. For now, the path of least resistance is downward, as indicated by the Relative Strength Index. Support is highlighted at the 100 SMA near $ 50,000 with buy orders likely to rise as investors take advantage of low prices.
BTC / USD 4 hours
Ethereum plans to drop to $ 1,360
Ethereum is in the middle of a correction after slicing support from the rising wedge pattern. Immediate support for the 200 SMA helps keep traders in check. However, the coin has a downside target of $ 1,360.
The moving average convergence divergence (MACD) confirmed the bearish picture. If the situation remains unchanged, Ether will continue with the failure below 200 SMA.
4 hour ETH / USD chart
Note that a stock above $ 1,800 would see ETH abandon the bearish outlook in favor of a bullish rally towards $ 2,000. Traders should focus on breaking the hurdle at the 50 SMA on the 4 hour chart.
Ripple bleeds as former CTO offloads XRP 150million
Former Ripple CTO Jed McCaleb is still unloading his XRP I stash in the market. The latest report shows McCaleb sold 150 million XRP from “tacostand,” his known wallet. The wallet has around $ 450 million XRP that it can continue to sell for the remainder of 2021.
At the time of writing, XRP was trading down at $ 0.44 amid a rally from the intraday low of $ 0.41. On the upside, XRP will face acute selling pressure at the 100 SMA and the downtrend line. The MACD shows that the trend is likely to tip higher, allowing buyers to focus on $ 0.5.
4 hour XRP / USD chart
Ripple will stay in the woods as long as it’s under $ 0.5. The hurdle at this point is preventing traders from looking towards higher levels such as $ 0.65 and $ 0.75. Therefore, the price action above $ 0.5 could restart the uptrend.
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