After Strong Bullish Rally Bears Trying to Dominate the Crypto Market

  • BTC extended decline and traded below the $42,000 support level.
  • Ethereum extended decline below the $2,800 support zone.

Bitcoin began a downward reversal against the US Dollar, trading below $42,000. BTC must stay above $40,000 to avoid a trend reversal. Bitcoin price failed to stay above the $43,000 support zone. 

A move below the 23.6% Fib retracement level of the key increase from the $37,030 swing low to $45,350 high. Besides, there was a break below a major bullish trend line with support near $42,500 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $42,000 and the 100 hourly simple moving average. It is testing the $41,200 support level. It is also near the key increase’s 50% Fib retracement level from the $37,030 swing low to $45,350 high.

If the price stays above the $41,200 support, it could attempt a fresh increase. On the upside, an initial resistance is near the $42,000 level. The first key resistance is near the $42,500 level and the 100 hourly simple moving average.

Major Altcoins Fumble

Ethereum extended decline below the $2,800 support zone against the US Dollar. ETH price is declining and might even trade below the $2,675 support zone. Moreover, according to CoinMarketCap, the global crypto market cap is $1.83T, a 4.34% decrease over the last day. The geopolitical tension had led to a brief rally which has now come to a halt with almost all major coins turning red, including Terra, AVAX, Polkadot, and Shiba Inu.

There was $34.1 million in ruble-denominated crypto activity on March 3, according to Chainalysis statistics. A week earlier, on February 24, activity had dropped by half to $70.1 million. An all-time high of $158 million was recorded in May 2021 for ruble-denominated crypto activity.

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