Bitcoin (BTC) was rejected from the 200-day Moving Average (MA) two days ago and has fallen back in recent days. Today that decline was just as fast. Bitcoin fell about 10% in value today. How is the market now? You can read it in this market update.
Bitcoin (BTC) Appears to Find Support After Descending
As mentioned, bitcoin has been in a downtrend with trading volume increasing slightly since the rejection near the 200-day MA near $40,000, which is itself a resistance level. This morning the course suddenly accelerated quite quickly. BTC fell nearly 10% in value and formed a low at $35,127 on crypto exchange Coinbase.
There were again some buyers ready who seemed to buy the dip. As a result, bitcoin was able to recover to $37,307, but there is no sign of a further recovery as yet. The bitcoin price has dropped slightly again and is now at $ 36,019.
For now, the support at $35,000 is important to keep an eye on. If we drop through this, a new trip to the lower regions of the $ 30,000 area is possible again, a scenario that Michiel warned the Insiders of the week about. Up at USD 38,000 is the next major resistance zone.
These altcoins could still rise
If we look at the altcoins in the top 10, we do not unexpectedly see the same picture. Ethereum (ETH) is down 10.6% and is worth $2,493. Binance coin (BNB) is down 11%, as is ripple (XRP). Cardano (ADA) is seeing a 10.5% decline and is worth $1.53, despite positive news coming out today.
Were there no risers at all today? Yes: Helium (HNT), the 56th largest crypto on the market, is up 27%. The altcoin was probably raised by billionaire Bill Ackman. He said in an interview yesterday that he was interested in the project that is building a decentralized wireless network. With this, HNT stands head and shoulders above the market. The next biggest climber is theta fuel (TFUEL) which only climbed 6%.