The situation of the bitcoin market and the proposed coins has been almost declining in the last 24 hours, and on the other hand, some of the lesser known coins have performed well. Experts believe that the imminent issuance of licenses for Bitcoin exchange traded funds (ETFs) could further provoke buyers.
to the Report Crypto News, Bitcoin has recently started a downtrend from $ 57,800. Yesterday’s correction lowered the price below $ 55,000 and even hit support at $ 54,000 at some point. Today, however, the price has recovered somewhat, and now each bitcoin is trading at a price above $ 56,000.
On the other hand, some market quintals have started new upward movements. Ethereum is currently hovering in the $ 3,500 range, and Ripple is facing buyer support at the $ 1.05 level. Cardano is also working hard to reach above $ 2.15.
Bitcoin market situation
After breaking the $ 56,000 support, the downtrend continued to fall below the $ 55,500 and $ 55,000 levels. After Bitcoin fell to $ 54,000, buyers supported the price at this level and again raised Bitcoin above $ 55,000 and of course $ 56,000. If the market rises, the first price resistance will be at the level of $ 56,500. The next key resistance is in the range of $ 57,000. Crossing this level could pave the way for the price to return to $ 57,800.
On the other hand, if the market continues to decline, the first price support will be at the level of $ 55,650. The next key support is in the range of $ 55,000, and breaking this level can be accompanied by a deeper fall in the price to the level of $ 54,000.
If we want to consider the fundamental factors, some analysts believe that the imminent issuance of licenses to offer a tradable fund on the Bitcoin exchange has so far increased the price of this digital currency, and further approval of applications by the US Stock Exchange Commission could affect Have a positive impact on the market.
The stock exchange commission has so far resisted approving requests to offer a tradable fund on the Bitcoin exchange, but now experts expect the Bitcoin futures trading license to be issued by next week.
It should be noted that by offering tradable funds on the Bitcoin exchange, many investors in traditional financial markets can invest in the market of this digital currency without the need to buy bitcoin directly and by buying shares of these funds; This issue can be accompanied by increasing buying pressure in the bitcoin market.
Also read: What is all about the Bitcoin ETF / Exchange Traded Fund (ETF)?
Ethereum market situation
The situation in the Ethereum market has been declining in the last 24 hours and now the price has reached below $ 3,500. Yesterday, the price fell to $ 3,400 and was supported by buyers at this level. Buyers’ activity at this level caused the price to start a new upward movement. Ethereum is currently hovering around $ 3,500 and has resistance at $ 3,550.
The key resistance of the price is formed at the level of $ 3,600. If the market experiences another downturn, sellers will test the $ 3,440 support. The next key support is at $ 3,400, and breaking this level could lead to a fall in the price to $ 3,350.
The status of the most important instruments on the market
Cardano followed its downtrend yesterday, falling below $ 2.12 and $ 2.10. The price went down to $ 2.07 and was supported by buyers at $ 2.05. If the market is bullish, the first price resistance will be at the level of $ 2.15 and a key resistance is formed in the range of $ 2.20.
Litecoin traded below $ 172 yesterday and the price fell to $ 165 at some point. The price has now risen slightly to over $ 172. If the uptrend continues, the first resistance to the price is at the level of $ 180. The next key resistance is in the $ 185 range.
Dogecoin experienced a slight fall yesterday, falling below $ 0.220. Currently, the price has recovered somewhat and buyers are facing resistance at the level of $ 2.32. The next key resistance is at the level of $ 0.250 and the continuation of the upward trend can push the price to $ 0.300 in the medium term.
The Ripple price fell below $ 1.10 yesterday and fell to $ 1.05 at some point. Ripple is now trying to reach above $ 1.10 and if it wants to continue its uptrend, it must pass the level of $ 1.15. The next key resistance will be at the level of $ 1.20.
The situation of other market coins
Many instruments on the market, including Revain, Stacks, Binance coin, Omega (OMG Network), Pancake Swap, Harmony, Klaytn, Cosmos, Polkadot, and Chiliz In the last 24 hours, prices have increased by more than 5%. Meanwhile, the digital currency Stex has grown by 21% and has crossed $ 2.4. The price of Binance Coin also increased by 13% and reached above $ 460 due to the positive news related to Binance Smart China.