The cryptocurrency market is in a chill mode with not much going on at the moment. Last week we expected a drop to 25k region but the bulls defended the bounced back the price above 30k levels after the dip to 29k. ETH, BNB and other alts witnessed significant drops in prices as well.
The sharp drop in the price of Bitcoin from 35k to 29k levels last week Tuesday was owed to the News from China. Following the ban on mining activities in the region, the People’s Bank of China (PBC) announced its intention to ban crypto.
BTC started to show signs of strength after the 30k support was regained and resistance levels around the 32k region was regained. The price continued higher and breaking the 35k region looks feasible. This might be bullish in the short term.
Bitcoin is currently trading above 34,000 and the next resistance is around the 35.5k region. Crossing the resistance might see a further push to 38k by the bulls. That is bullish short term, depending on how the market plays out.
Ethereum (ETH) is currently recovering and showing signs of strength as it has crossed both resistance levels at 1850 and 1900 respectively and is heading on to 2,000 levels. It is currently trading at $1,993 and up 7%
BNB and other alts seem to be recovering slowly from the dip. Their performance is largely dependent on the price movements of BTC. A bullish continuation might bring greens to the alt markets.
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