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Friday, May 14, 2021

Price Analysis Of Bitcoin & Other Leading Cryptocurrencies

The price of Bitcoin is continuously faced with the pressure of selling. On the other hand, Ether and Binance are trying to prevent further decline of the cryptocurrency sector.

Bitcoin price has dived under the key support level of $50,000. Moreover, mainstream media has highlighted that the crypto market is experiencing a sell-off. This is mainly owing to the reason that President Joe Biden has proposed a 39.6% increase in capital gains tax, resulting in $1 million annually.

Bitcoin And Other Crypto status

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The 50-day rolling average has changed to resistance. Additionally, the bulls are not able to maintain or push the price higher on 19th or 20th April. This led to short-term traders making profit-booking that pulled BTC price under the $50,000 psychological mark on 24th April.

BTC/USDT might continue to drop to the next crucial level of $43,006.77 and buyers might start driving up the price aggressively from there onwards. The next uptrend from bulls might take Bitcoin over $64,849.27.

Ether broke through the $2,545.84 mark on 22nd April and reached a $2,645 record high. However, the selling pulled down ETH/USDT to a $2,102.24 mark. The pair might be able to consolidate from $2,500 to $2,040.77 during the next few days.

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Binance price was ranging between $638.56 and $600, suggesting an active bear trend. The sellers helped decline the BNB price under the 20-day rolling average of $479. XRP price fell to $0.56. Yet bull might take charge to spike the price to $1.46.

DOGE/USDT pair broke exceeded the 20 day EMA support of $0.20 by dropping to a $0.15 low. With the support from bulls, the pair might rise above $0.35. Cardano also lost their 20 days EMA of $1.24 on 21st April but bulls are trying to maintain it over $1.03.

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