The cryptocurrency market has been experiencing rapid increases and sharp decreases for a while. The flagship cryptocurrency recently started a spike above $42,000 and altcoins have followed suit.
Then, the decline started again and while Bitcoin fell below $ 40,000, there were losses in altcoins. However, with the Fed’s announcement of the interest rate decision, a rapid increase began in Bitcoin and the price rose above $ 40,000 again. Along with BTC, altcoins also increased.
Here is the latest situation and current data in the cryptocurrency market…
Bitcoin (BTC) Keeps Falling
Bitcoin price struggled to stay above the $40,000 support zone. As a result, BTC extended the decline below the $39,550 support area and the 100 hourly simple moving average.
The price traded below the 61.8% Fib retracement level of the main rise from the $37,160 low to $42,550 low. Bitcoin is also testing the 76.4% Fib retracement level of the main rise from the $37,160 low to $42,550 high to $38,430 high. If there is a minor recovery wave, the price might face resistance near the $38,850 level. The first major resistance on the upside is near the $39,000 area.
There is also a key bearish trend line forming with resistance near $39,000 on the hourly chart of the BTC/USD pair. The price could gain upward momentum if there is a clear move above the $39,000 resistance zone.
However, if Bitcoin fails to clear the $39,550 resistance zone, it could continue to move lower. In the stated case, it could start a decline towards the $36,600 level of Bitcoin.
As of the writing of the content, the leading cryptocurrency Bitcoin (BTC) continues to trade at $38,537, down 1.99% in the last 24 hours, according to data from CoinMarketCap.
What is the Latest Situation in Altcoins?
Price movements in the leading cryptocurrency affect altcoins quite a lot. With the increases in Bitcoin, altcoins move upwards, while the slightest decrease finds the altcoin market bloody.
Ethereum (ETH), the second largest cryptocurrency in terms of market value, moved upwards with the increase in Bitcoin the other day and managed to rise to the level of $ 2,631. However, later, with the decreases in Bitcoin, the price started to decline again.
As of the time of writing, ETH is moving at $2,546, down 2.04% in the last 24 hours, according to CoinMarketCap data.
On the other hand, when we look at other altcoins, the situation is as follows;
Binance Coin (BNB) continues to trade at $367, down 2.31% in the last 24 hours, Ripple (XRP) is up 0.66% at $0.76 in the last 24 hours, Terra (LUNA) is up 0.70% in the last 24 hours. Cardano (ADA) is up 1.23% at $0.79 in the last 24 hours, Solana (SOL) is down 2.04% at $80 in the last 24 hours and Avalanche (AVAX) is up 0.12% at $73.41 in the last 24 hours. continues.
Up To 30% Increase In This Altcoin
According to CoinMarketCap data, Stacks (STX), the 52nd largest cryptocurrency in terms of market capitalization, defied the decline in the cryptocurrency market and was recorded as the cryptocurrency with the highest increase in the last 24 hours.
So much so that Stacks (STX) continues to trade at $1.37, recording a 28.20% increase in the last 24 hours while most of the cryptocurrency market is in the red.