Sunday, May 19, 2024

Bitcoin (BTC) Finds Support, but Indicators Suggest That It Might Be Temporary

Cryptocurrency price movements

Bitcoin trends

Bitcoin is extremely volatile. Experts have varying opinions on what will be its trends in the short, medium and long terms. In November 2021, Bitcoin price crossed all-time high of over USD 68000. But in December 2021, it dropped back to USD 46000. But some experts are of the view that Bitcoin price is set to cross USD 100000.

On 18th December 2021, Bitcoin price fell by 3.1%. On 19th, the price went up by 1.3%. On 19th December, the first major support level was at USD 45134 and the first major resistance level was at USD 46633. It appears to be a near-term bullish trend.

A support level is a price level in which the downtrend pauses due to increased demand. In a resistance zone, selling pressure increases due to high price.

On 21st December, global equity markets fell sharply due to rising Omicron cases. But Bitcoin BTC to USD increased by 0.43% on 21st December. Bitcoin support level on the day was USD 45000 while the resistance level was at USD 48500.

Other cryptocurrencies

The second largest cryptocurrency Ethereum has also hit the all-time high in 2021. At present, Ethereum is hovering around at USD 4000. Chainlink is trading between USD 17.17 and USD 18.87 in December 2021. Litecoin started in 2021 at USD 124.67. It had an extremely volatile ride. In May 2021, it crossed USD 400. But now, Litecoin is trading below USD 200.

Bitcoin market share fell sharply during the year from 70% at the beginning to under 40% by the end of the year.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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