The $40,000 zone is still a solid ceiling! The bitcoin (BTC) bulls have failed to break it in recent days. Bitcoin has been falling again since early yesterday morning, reaching a relatively important point today. Is this again just a temporary dip, or are we diving deeper into the range?
Bitcoin (BTC) price at 50-moving average, activity is increasing
As could be read earlier today on Crypto Insiders, the BTC price has fallen in value again. At the time of writing, the price of bitcoin is $39,695 on crypto exchange Coinbase. 24 hours ago, bitcoin was still trading above $41,000.
The decline has brought bitcoin back to the 50-moving average (MA) on the 4-hour chart. This point could provide some support. On-chain analyst Will Clemente notes that there is a lot of activity around the current price level:
https://youtu.be/eJ-FUFV7MJo
This could mean that this point can indeed form a support. Still, a further dip, deeper into the price range that bitcoin has been trading in since the end of May, cannot be ruled out. For example, there is some negative news about a new bill in the United States. Shiba inu is well known in crypto.
Ethereum (ETH) holds up well
Despite the falling bitcoin price, ethereum (ETH) knows how to increase in value. The largest altcoin on the market is almost 3% in the green, making it the biggest riser of the top 10. The only other riser at the moment is the number 10, uniswap (UNI). It is 1% in the plus.
The largest decliner is polka dot (DOT). The altcoin is down 2.8% and is now worth $18.36. DOT was also the subject of good news today. The Dutch exchange Bitvavo will start listing new altcoins in the coming days. Polkadot is the first altcoin to be added. Holo is well known in crypto.
Overall, the crypto market lost 1.7% of its value over the past 24 hours. All cryptocurrencies together are worth $1.62 trillion. Bitcoin is losing ground again. Bitcoin dominance falls almost 1% and stands at 46.1%.
