Saturday, May 18, 2024

Will Bitcoin (BTC) Price Falling Continue This Week?

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Stanislav Shishkin
Stanislav Shishkinhttps://cryptoapa.com/
Stanislav is one of the lead copywriters on cryptoapa.com and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Stanislav at cryptoapa.com

Following a warning from the US that a Russian invasion of Ukraine is impending, crypto prices have fallen this week, matching losses in larger markets.

Early this year, the market capitalization of cryptocurrency fell by 30% to $1.5 trillion, owing to fears of inflation and interest rate hikes in the United States. 

Over the last 24 hours, the market has seen a bearish trend. The BTC/USD price has dropped below $40,000, a psychological level that may be difficult to surpass in the foreseeable future.

More Downtrend For BTC Price?

The asset had risen from its recent lows of $42,000 and was now challenging $45,000. Before the situation worsened on Thursday and Friday, the bears returned to the scene and gradually pushed BTC south to roughly $44,000. 

The current stability of the Bitcoin price above $40,000 at the time of writing is expected to be a crucial component of the rise that could occur in the next positive move.

However, the bulls may be put to the test if BTC returns to the $42,000 resistance level, which was the coin’s next target. However, that resistance of $43,000 appears to be an impossibility right now. 

The crucial support, on the other hand, is developed at a psychological cost of $38,000.

Altcoins Trade in red

Alternative coins have mostly followed BTC’s recent performance, which means that they are all in the red today. Ethereum is a good example of this. Earlier this week, it was above $3,200, but it has since fallen below $2,800. Since yesterday, Solana, Cardano, Avalanche, Shiba Inu, and MATIC have all dropped by similar percentages. 

For the time being, a necessary rebound may be required in order to allow for a short-term buying spree.

SourceCoinPedia

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