Bitcoin price drops below $38,800, lowest in 5 months; Ether 9% down

Bitcoin price fell below $40,000 for the second time this month on Friday. The world’s largest cryptocurrency dropped to $38,838.04 at 1150 a.m. IST, a 7.51 percent drop in the past 24 hours, according to CoinMarketCap. The recent drop in the cryptocurrency market dragged Bitcoin to its lowest level in more than five months. The cryptocurrency token has lost about $1 trillion in value since its all-time high of nearly $69,000 in November last year.

The slump in the cryptocurrency world was fueled by the latest decision by the US Federal Reserve to tighten monetary policy faster than expected. Amid the low severity of the Omicron variant and central banks’ efforts to return the economy to normal, the US Federal Reserve could raise interest rates three times this year, a Reuters poll suggested.

“Bitcoin broke through the lower end of the range early this month and started to decline by forming a ‘Lower Top Lower Bottom’ pattern, hitting the low of $39,650. The asset has made a “DOJI” candle at a support of $39,600 (the September low from where the earlier rally began) and is showing signs of recovery. Currently, the asset is making a series of small “Doji” candles with low volumes, indicating indecision. Breaking below $39,500 will lead to further downfall and prices could drop to $35,000,” said ZebPay Trade Desk.

Ether drops 9% per day:

Ether dropped 9.06 percent in the past 24 hours, reaching $2,857.33 on Jan. 21, according to CoinMarketCap. The second largest cryptocurrency in the world lost 13.5 percent in the past week. Ether after support at $2,950 showed good signs of recovery. However, the bulls failed to control the asset’s grip and prices witnessed correction after resisting around $3,415. Holding $2,950, we can expect the bulls to resume upward movement, while a break below the support will lead to a further decline and prices could slide towards the $2,600 level.To rise further, Ether needs to trade and close above the resistance from $3,600,” said ZebPay Trade Desk.

The global cryptocurrency market cap has fallen 7.55 percent in the past 24 hours. At the time of writing the article, the market cap of crypto was $1.83 trillion. The total volume in DeFi was $13.90 billion, 14.10 percent of the total crypto matket 24-hour volume, while the volume of all stable coins was $78.59 billion, 79.71 percent of the total crypto currency. matket 24-hour volume. The total crypto market volume over the past 24 hours was $98.59 billion.

Bitcoin support price is above $40,000 as momentum improves on intraday charts. Bitcoin’s resistance zone ranges from $43,000 to $45,000. If the support levels break, it will indirectly put pressure on the crypto market. cryptocurrencies such as Terra, Cosmos, FTX Token and Hedera saw decent gains as the ongoing coronavirus pandemic and rising inflation are pulling the market down,” said Edul Patel, CEO and co-founder of Mudrex-A Global Crypto Trading Platform.

Read all Latest news, Important news and Corona news here.

Image Source

News Source

Leave a Reply

Your email address will not be published.