Cryptocurrency Weekly Summary - Bitcoin (BTC / USD)
The BTC / USD coin was unable to stop its rally overnight and fell to an intraday low of around $ 48,000. Bitcoin price continued to decline from the $ 52,000 resistance zone, breaking the $ 48,000 support level and settling below the 100 hourly simple moving average. Bitcoin may continue to lose if it fails to break above the $ 49,500 resistance level. On the downside, the $ 48,000 level provides immediate support.
The first substantial support was formed at almost the $ 47,300 mark. A gap below the $ 47,300 support to the downside could increase the selling pressure. The bears' next destination could be $ 46,000. The cause of the downtrend could be attributed to recent reports claiming that the total number of Bitcoin on exchanges has dropped to a new three-year low of 2,408,237 BTC. Meanwhile, the prevailing "risk reduction" sentiment in the crypto market also played a major role in undermining BTC prices. The price of Bitcoin (BTC) rose higher yesterday, following positive news about the Omicron virus and the protective factor of existing vaccines. Investors were quick to invest in riskier assets like stocks and cryptocurrencies upon hearing the news. In a strong bullish move, this move pushed the price of BTC above $ 50,000. However, the good news seems temporary as most markets took a breather this morning, returning previous gains. The bears have pushed the price of Bbitcoin below $ 48,000. This worries the bulls because they risk being stopped if the bears can push the market lower.
In contrast, Microstrategy bought more Bitcoins less than two weeks after their previous acquisition. As a result, the company's treasury has grown by 1,434 coins, increasing the total number of coins held to 122,478. The company's total Bitcoin holdings were valued at around $ 6 billion at the time of this writing. This good news hasn't had much of an influence on BTC prices so far.
Cryptocurrency Weekly Summary - Ethereum (ETH / USD)
During the Asian trading session on Friday, the price of Ethereum was strongly bearish. The daily pattern has been characterized by sustained, steady and steady selling pressure, with no signs of relief in sight. Ethereum is struggling to gain pace against the US Dollar above the $ 4,200 zone, but appears to have failed. ETH started a downward correction and started trading below the $ 4,200 support zone.
ETH's downside correction may extend if Ethereum does not start a new uptrend above $ 4,250. On the downside, $ 4,080 is a good place to look for support. Key support is forming near the $ 4,040 mark. However, the cause of its continued decline could be related to claims that Ethereum transaction fees hit a new all-time high that month, implying that investors had shifted their attention to other cryptocurrencies, due to the fees of Ethereum. lower transaction. Furthermore, the risky mood in the crypto market could be related to the selling bias surrounding Ethereum, which is the second largest cryptocurrency in the world. The decline of Bitcoin highlighted this. In terms of the US dollar, Bitcoin is trying to break above $ 49,000. BTC is declining and the close below the $ 48,000 support could push it further lower. The recent selling bias of the dollar, on the other hand, helps limit the decline of the ETH / USD currency. In Asia, the dollar was trading lower, ahead of US inflation data on Friday morning, which could indicate when the Federal Reserve will raise interest rates.
Cryptocurrency Weekly Summary - Litecoin (LTC / USD)
The LTC / USD currency pair remained well offered near the 152,000 mark. He couldn't break his losing streak from the early days. At the time of writing, LTC / USD was trading at $ 153.44, representing a 7.12 percent drop on the day. The price of the coin is about to break below the lower limit of the channel, indicating that it is moving lower. Despite minimal volatility, LTC / USD is still in a short-term downtrend. If the market regains strong momentum, the LTC price can follow the channel pattern. Otherwise, there is a possibility of further breakdowns. For example, a possible pullback below the lower limit of the channel could push the price of Litecoin below the support levels of $ 130, $ 120 and $ 110, resulting in a new monthly low. However, if the market price rises, the buying pressure may reach the closest resistance levels of $ 170 and $ 180.
The dismal performance of the cryptocurrency market, which has affected all cryptocurrencies, could be responsible for LTC's downtrend. The recent drop in BTC prices provides evidence for this. The price of Bitcoin was unable to sustain more than $ 48,000 and started a new downtrend against the US Dollar. As a result, BTC began to gradually decline and broke the $ 48,000 support level, entering a bearish zone.
Cryptocurrency Weekly Summary - Ripple (XRP / USD)
The XRP / USD coin was unable to stop its rally to the downside and is still flashing red below the 0.85000 level. Ripple (XRP) was down 0.42% on the day. Following a 5.63% rally on Wednesday, Ripple ended the day at $ 0.84404. XRP then fell to an intraday low of $ 0.83271 before making a move after a tumultuous morning. If the bulls are unable to raise the price, a bearish breakout is predicted, allowing traders to sell at the $ 0.80 support and then at the $ 0.70, $ 0.65 and $ 0 support levels. , 60.
Today's XRP price is $ 0.856945 USD, with $ 4,748,112,512 USD in 24-hour trading volume. In the last 24 hours, the price of XRP has fallen 0.09 percent. With a live market cap of $ 40,488,343,176 USD, CoinMarketCap's current ranking is # 8. The total number of XRP coins is 100,000,000,000, including a circulating supply of 47,247,295,769 coins. Recent declines in the crypto market could be the reason for Ripple's bearish price bias. The price of BTC has fallen as a result of this. On the other hand, the downtrend of the US dollar can help limit the bearish momentum of XRP / USD prices. For example, in Asia, the US dollar traded lower on Friday morning, ahead of US inflation statistics, which could be an indication of when the Federal Reserve will raise interest rates.
Cryptocurrency Weekly Summary - DOGECOIN (DOGE / USD)
On Friday, the DOGE / USD currency pair blinked green from the start of the day. Bearish price action on Dogecoin has strengthened as the coin has been trading at a multi-week low. The altcoin was trading at $ 0.169 at the time of writing, with an immediate support level at $ 0.161. Over the past week, the price has stalled at $ 0.188 and $ 0.161. The technical data for the coin also indicated a bearish attitude. Dogecoin price on Friday was $ 0.168264, with a trading volume of $ 1,043,424,756 in the previous 24 hours. Dogecoin fell 3.36 percent in the 24 hours prior to this writing. It has a live market capitalization of $ 22,553,124,441 USD.
The use and popularity of cryptocurrencies has expanded more than ever in 2021. While the adoption of cryptocurrencies is widespread, recent research by Google (NASDAQ: GOOGL) Trend has revealed which cryptocurrencies have received the most attention from the public. The growing popularity of cryptocurrencies has been confirmed by Google Trends, a website that measures the popularity of the main search terms; For the first time in history, searches related to cryptocurrencies will be among the most popular news in a year.
According to Google Trends, "Dogecoin" and "Ethereum Price" were among the top ten most searched news in 2021. But this news has not had a positive influence on Dogecoin so far.
