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market status; Relative recovery of the price of Bitcoin and altcoins

دلایل بهبود اوضاع بازار کریپتو و قیمت بیت کوین در روزهای اخیر Bitcoin BTC price

Bitcoin fell to $18,250 with a heavy fall yesterday. However, the situation has improved a little now. The market’s largest cryptocurrency is back above $19,200, however, to continue the uptrend, the price needs to break above $19,500 and $19,620. The relative recovery of the price of Bitcoin caused altcoins to grow to some extent.

According to Mihan Blockchain and quoted by Cryptonews, altcoins followed Bitcoin in the last 24 hours and their price candle turned green. Ethereum managed to break the $1,350 resistance and XRP also conquered the $0.365 resistance at the same time as the news about Ripple’s court case. Cardano is also consolidating near $0.45.

Bitcoin price analysis

After Bitcoin briefly fell below $18,500 and formed a floor in the $18,250 area, the price recovered slightly and started an upward correction above the 50-hour simple moving average. Next, Bitcoin exceeded $19,000 and $19,200. Currently, the largest digital currency in the market is facing important resistance at the $19,500 and $19,620 levels, and if these resistances are conquered, the price may grow up to the $20,200 resistance.

1 hour time frame bitcoin chart
1 Hour Time Frame Bitcoin Chart – Source: Tradingview

On the opposite side, if the price of Bitcoin falls, the closest support is near $19,350 and is in line with the 50-hour simple moving average, which BTC has yet to stabilize above. The next important support is in the $18,870 area, and if this support is broken, there is a possibility of retesting the $18,250 support.

Ethereum price analysis

Ethereum price found its support near $1,275. After that, the price recovered and broke the resistances of $1,300 and $1,320 respectively. At the same time as the Ethereum price improved, the downward trend line on the hourly chart was broken upwards with the $1,350 resistance.

Ethereum price is now looking to move above $1,380 and the 50-hour simple moving average. The next major resistance is forming near $1,410.

Ethereum 1 hour time frame chart
Ethereum 1 Hour Time Frame Chart – Source: Tradingview

If it falls again, the price of Ethereum may fall below the $1,350 support. The next major support is in the $1,320 area, and a break could take the price back to $1,275.

Price analysis of Cardano, Binance Coin, Solana and Ripple

Cardano price is currently stabilizing near $0.45. If the price goes beyond $0.45 and $0.455, we may see growth.

Binance Coin has also maintained its $250 support well. The price of Binance Coin is now on the rise and is trading around $265. If the buyers continue their activity, the price may test the $275 resistance in the short term.

Solana is gently above the $31.20 range and may soon test the $32.50 resistance. A break of this resistance will open the way for a move towards $33.20.

Dogecoin earlier reached the $0.0550 range and is now recovering the losses of the last few days and is trading above $0.0575. The main resistance in the upward path of Dogecoin is around $0.0600.

The price of Ripple has increased by more than 10% in the last 24 hours and has shown an impressive performance above the $0.365 resistance. There is a possibility that XRP will continue its upward trend and rise to $0.395 and $0.400.

What is the status of other altcoins?

The performance of most of the altcoins in today’s market has been impressive, with many of them including HNT, APE, ALGO, USTC, LDO, CEL, LUNC, COMP, 1INCH, KAVA and CVX growing by more than 6%. Helium Network’s HNT token has surpassed the $4.75 level in the last 24 hours, growing by more than 15%.

Overall, Bitcoin price is trying to climb above $19,200. However, the $19,500 and $19,620 resistances must be broken to continue the uptrend.

  • At what price is the support and resistance of Bitcoin?

Currently, there are resistances of $19,500, $19,620, and $20,200 for Bitcoin in the short-term time frame. On the other side, the prices of $18,800 and $18,250 are the supports of Bitcoin.

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