Wednesday, July 24, 2024

Market Watch Feb 3: Bitcoin Slips Below 37k, Dominance Rate Drops

The bullish crypto market is once again seeing red with the popular bitcoin slipping below the resistance mark. Increased volatility continues to grip the global financial market. Analysts say BTC was hovering around $38,200 but was hit by a wave of selling that pushed the popular cryptocurrency down to $36,800.

At the time of writing this article, Bitcoin is down by 3.97% in the last 24-hours and trading at $36,970, as per CoinMarketCap. Ether also fell and has been down by nearly 4% in the last 24-hours. It is trading by $2,666.

The altcoins are also seeing red. Analysts believe that tokens associated with the decentralized finance (DeFi) sector, including Curve (CRV); Loopring (LRC); and Solana (SOL) are the biggest losers. Coming back to bitcoin, there are some major resistance zones to cross. HornHairs, a pseudonymous Twitter user, says a move back to $38,000 mark is bearish. This means BTC would see a further price slide HornHairs said a fall below $36,700 and a move to take out range low is likely. This is because of yesterday’s high price.

Moreover, the world’s most popular cryptocurrency has recorded a drop in dominance rate. BTCD had been trading above 40% horizontal support area since May 2021, but fell below it on January 2, 2022. However, it managed to reclaim the area shortly afterwards. BTC has been on the upward move once again. Analysts say the current resistance area at 42.5% is likely to reject bitcoin. This resistance area is also the 0.382 Fib retracement resistance level.

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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