TL;DR Breakdown
- Bitcoin escaped dire straits and went up to $38,000.
- Ethereum is currently struggling at around $2,600.
- XRP to cross $0.90.
For the past few days, the indications of a decrease in the price of Bitcoin seemed prominent. But standing tall today, Bitcoin broke a major resistance around $36,000 and this led to a straight shoot up in the price of the coin. The price of BTC went up to $38,000. This had a huge impact on the crypto market overall as altcoins seemed to strengthen their position.
Polkadot (DOT) went up by over 8 percent, a situation that we have not seen since last week. Ever since the drop in the crypto market initiated by Elon Musk was put into effect, all the coins saw a decrease from their all-time high. There are many coins that fell by half and even more. Bitcoin also fell to almost $20,000 but now, the entire crypto market seems to be recovering.
Bitcoin breaking resistance
Last week, Bitcoin crashed as various indicators suggested. This led to many people believing that BTC will fall further and take the entire crypto market with it. Renowned trader Crypto Cobra even tweeted that the coin might go below $25,000. This wasn’t the case. Although Bitcoin dropped by a significant amount, it has now regained its strength.
The formation of the death cross and the Pi Cycle Top Indicator had indicated the decrease in price. Today, Bitcoin broke the resistance that was confirmed around $36,000, and therefore, as a result, the entire crypto market got a boost. Coins like Polygon (MATIC) fell as low as $1.3 and us now are trading around $1.45-$1.5. Ripple (XRP) is aiming to reach $0.90.
HARD coin seemed to be one of the most promising investments as it rose around 116 percent and is trading around $1.50. This means that the movement of most of the altcoins has definitely improved today and we could hopefully see more progress.
Considering Ethereum, it has had trouble moving above $2,650. Therefore, a key resistance can be considered at $3,800 and if Ethereum increases above this, we can expect it to increase manifolds. As for other coins, Dogecoin was unable to clear the resistance of $0.35 while many coins like LUNA, BTCB, XMR, and more were able to grow more than 8 percent today.
If this repeated growth is encountered further, we can expect a great performance by Bitcoin, Ethereum, and other altcoins as well.
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