Monday, March 4, 2024

Bulls in bitcoin fail a crucial resistance reversal as the price of BTC drops 8%.

Altcoin and Bitcoin (BTC) feel the pressure as the dollar rises. Meanwhile, the moving average of 200-week is struggling to maintain its position.

On July 21, BTC continued to suffer losses when it failed to hold support at a prominent resistance level.

Altcoins Reel Under the Dollar

As per sources, the Bitcoin and Dollar collaboration (BTC/USD) has dropped by 8% on the Bitstamp and is currently trading at the $22,340 price level. Tesla challenged BTC/USD after revealing it suffered a loss from selling 75% of its Bitcoin position.

This was not the end of BTC’s problems. The revival of the US dollar and an increase in rate to battle inflation by the ECB (European Central Bank) is making the market tougher for BTC. Growing by 0.6%, the DXY (US dollar index) recuperated 107.

Unluckily for the bulls, Bitcoin could not sustain its 50-Day MA. In addition to this, BTC also lost its key MA at 200-week. The next macro support seems to appear under $20,000 now.

Preserving the New Price Level

According to crypto experts and analysts, the next price level investors should try to preserve is at $21,700. But before inevitably going down, BTC might experience a temporary surge.

In the meantime, altcoins are still very volatile. This is largely due to the uncertainty that many large-cap tokens are experiencing. For instance, ETH (Ether) fell by 9.7% in less than a day. Earlier, Ether was hailed as the best-performing digital asset. Similarly, SOL (Solana) and ADA (Cardano) suffered around 10% losses in a day.

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.
RELATED ARTICLES

Most Popular