The price of Bitcoin stayed under the mark of $20,000 when its official platform found this homepage and the other cryptos are also underperforming. Overall the market of crypto is subdued. With the high rate of inflation, recession fears along with geopolitical unrest, investors are forced to stay away and not take any risks.
Price of Bitcoin
The price was slightly up by nearly 0.37 percent. Yet even after this gain, the most renowned crypto in the world hovered at $19, 145.05. Ether, the second largest crypto in the world by market cap fell at $1054.50 by 0.51 percent.
Bitcoin did not show any recovery sign since it dropped under $18000 in the middle of June. It has been at its lowest price since 2020 December. Yet experts said that it will not last for long.
Bitcoin did not retest such a level of resistance. But if it does and then rejects back down, it will be a bearish signal. It is due to the fact that it will be the very first time that such a level was broken in a long time. It can also suggest some extended bear market is arriving soon.
This leading crypto traded in a very tight range between $17000 and $21000 in the past few weeks. Then crypto, as well as stock markets, was struggling to regain some noteworthy upward movement after the inflation report of May. Also, the Federal Reserve decided to raise rates of interest. As per experts the constant war happening in Ukraine along with inflation hitting a fresh 40- year high are the main reasons why everyone is witnessing slumping prices in crypto and stock markets.
The market of crypto was increasingly tracking the stock markets of late. It makes it more intertwined with some macroeconomic factors according to experts. Ether too followed the same kind of pattern. It may get worse now if the price of Bitcoin falls again below $20,000 and stays there.
The crypto market has been consolidating for the last few days. The support, as well as resistance levels of Bitcoin and Ethereum, will be important levels to look at. As per technical analysis, Bitcoin may be going to as low as the mark of $15600 if there is a failure in the support levels.
Bitcoin traded below the moving average of 200 weeks. In case of instances where it traded below this, it has marked bear phase end. Bitcoin traditionally recovered from such a point. It will be very interesting to witness how this price action will play out in the next few days.
Cryptos are still in red
The market of crypto is bleeding red. The worldwide market cap fell by 1.15 per cent in the past 24 hours. As per data, it is at $913.73 billion now. USDT Tether had a 0.02 percent negative change in the value in the past 24 hours. The USDC stablecoin had a positive change of 0.02 percent. It maintained its peg at nearly $1.
Among the other cryptos, Solana fell 0.67 per cent. 0.45 percent fall was seen by Cardano and 0.62 percent by Stellar. Polkadot fell 0.42 per cent. The meme coins Dogecoin fell 0.48 percent and Shiba Inu 0.09 percent.
The BNB token showed a fall of 0.96 percent. Solana had a fall of 4.29 percent. A 1.75 percent downtrend was shown by XRP Ripple in the past 24 hours. However, the ADA token moved up 0.65 per cent. The Index Bitcoin ‘Fear and Greed’ settled at 10. It indicated too much fear.
The other news
Nubank, the Brazilian bank now is letting its customers buy Bitcoin and Ether. Berkshire Hathaway has one huge investment amount in their bank. Berkshire Hathaway’s CEO, Warren Buffett has frequently expressed pessimism when it is about cryptos.
Ark Invest’s CEO Cathie Woods said that the revolution surrounding cryptocurrency is underway. It will not stop. Crypto exchange Huobi will be reportedly laying off more than 30 percent of its staff. This is because of the revenue drop after the Chinese users’ removal. So do not panic. Keep your positions very small.