The price of the biggest crypto in the world, Bitcoin, has been sitting below $20,000 for some time now. Currently, its price sits at $19, 762.55 with a market capitalization of $378 billion. Bitcoin has been struggling to move upward following the U.S unemployment report last week. For nine days now, Bitcoin has been trading under the $20,000 support, but fortunately, it has managed to stay at $19,500, which was its highest point in December 2017.
This level could be an essential support for Bitcoin in the future. Gavekal Research released a report on Sunday 4th, saying that the Federal Reserve is preoccupied with quantitative tightening or burning money, as it’s commonly known, to regain Dollar’s credibility.
Bitcoin’s Price Could Dip Further
Bitcoin could slide further if it falls below the 19,500 support mark. The crypto’s price ranged under the $20,550 and $20,500 resistance levels. Bitcoin was unable to break the $20,500 resistance zone many times. The latest low tested $19,600, and the value of the crypto is going upward in the range. The price rose slightly over the $19,750 resistance area. Bitcoin’s price dropped from the high of $20,397 to $19,600.
There is a temporary channel; on the upper side, the closest resistance is around the $19,900 mark, and the next key resistance stands close to the $20,000 mark. It’s close to the 50% Fibonacci retracement point.
A strong movement over the $20,000 resistance level could propel the price toward $20,500. If the bulls gain momentum, the price could move steadily to the $21,200 resistance area. Another downtrend could start if Bitcoin doesn’t break the $20.500 resistance zone. The nearest support on the lower side is the $19,750 zone. If it breaks below the $19,500 and $19,600 support levels, it could start a steady decline heading to $18,800. If it falls further, it could move to $18,500.
Ethereum has been Going Up, Unlike Bitcoin
Ethereum’s price has gained 10% in the past week and is currently consolidating over the $1,550 level. It has struggled to break the $1,600 and $1,629 resistance levels. It could start a steady climb aiming for the $1,700 resistance if it clears these two resistance levels. On the lower side, if it goes past the $1,550 and 1,500 support levels, the price could fall to $1,420.
Other altcoins have been rising, including Cardano, Solana, Doge, RVN, HOT, CAKE, SAND, NEAR, LINK, ATOM, UNI, LEO, SHIB, MATIC, and DOT. Link is the best performer today, having shot up to $7.2, which has risen by 14% in one week. While SAND rose by over 3% and now sits at over $0.97. BNB was unable to break the $288 resistance, and Ripple is trying to gain momentum over the $0.335 resistance.
A Lot Of Money And Strength In Cryptos
Meanwhile, a U.S lawmaker, Congressman Brad Sherman, said that it would be impossible to ban crypto since it is powerful and many citizens have invested vast amounts of money in it. He oversees a subcommittee tasked with protecting investors. He worries about people getting conned and considers crypto a threat to the country’s security.