Bitcoin has once again failed in the task of effectively exceeding $ 50,000. Which is causing a large part of the crypto market to be seeing declines in the last few hours.
At the time of this writing BTC is trading at $ 49,300 accumulating a profit of 2% in the last 24 hours. ETH is trading at $ 1,535 counting on a gain of 0.8% in the same period of time. While ADA rests today the $ 1.16 with a gain of 4%.
Despite Bitcoin’s Bad Behavior, Still Not Much to Worry About
As I often repeat in my publications, in the face of such an upward trend like the one we have been seeing in recent months, a decline like the current one should not be of great concern to those who have their sights set on the long term.
Even the fall is a simple correction, and it shows less and less force to continue extending.
Of course there is some risk of further pushback. But knowing that the dominant force is totally bullish, thanks mainly to institutional investors that continue to add purchases, I do not think it is a good idea to be betting lower.
The CEO of Crypto Quant alerted us a few hours ago of new strong outflows of BTC from Coinbase. These currencies that come out of the exchange are going to trade with institutional, which tells us that these characters continue to accumulate in the range in which the price is located.
Furthermore, it also warns us that it appears that these market participants are not shedding their positions in BTC.
Bitcoin must hit 50k hard if it wants to enable higher gains in the crypto market
When looking at the daily chart we note that the losses of the last hours come from the difficulty of BTC to effectively cross the barrier at $ 50,000, dragging almost the entire crypto market with it.
We have had some bearish direction for the last few days, and it is that barrier at 50K that we must cross to regain the previous direction. Although it is true that even crossing that level not everything is won, we could be eliminating the downward bias in the very short term.
The most relevant support level is at $ 45,000. We have seen how the bulls have been defending that level tooth and nail, so at the moment there is not much risk of it being crossed. In the event that it is violated, the next level to visit will be the one located at $ 40,000.
Ethereum turns back towards $ 1,440
Like many other partitions of the crypto market, Ethereum is also influenced by fluctuations in Bitcoin, sending it back towards the support zone at $ 1,440 this time.
That support is a very important one. It was created by the all-time high of 2018, and if lost it could mean a false break of it.
Losing this level is not the most likely scenario at the moment, we have even seen how the bears have failed twice in the attempt, which speaks to us of a significant weakness.
At the moment it seems that the worst that can happen are some volatile lashes to the downside or a lateral behavior for several more days.
Cardano picks up demand at the $ 1 level
The third-largest cryptocurrency on the market went straight to the important support at $ 1 as Bitcoin fell.
Cardano (ADA) still maintains a solid uptrend both in the medium and short term, and after the recent decline the behavior seems to us to say that we are seeing a resumption of this direction.
If the price intent is true, we should be seeing new ADA all-time highs in the very near future, behavior that would be supported by the recent Mary update that your network received.
All our publications are informative in nature, so in no case should they be followed as investment advice.