In the past few days, the prices of most major cryptocurrencies, like Bitcoin and Ethereum, have gone down. Because of this, Bitcoin has already dropped below $22,000 and is continuing to go down, and the total value of all cryptocurrencies on the market is getting close to $1 trillion.
As the day goes on, the US CPI numbers, which could cause big price changes on the cryptocurrency market, will remain the market’s main concern.
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 22,138.70 |
Bitcoin is currently worth $21,700, and $22 billion worth of trades happen every 24 hours. In the past day, Bitcoin lost 0.14 percent of its value, and according to CoinMarketCap, it is now the number one cryptocurrency. Its market capitalization is $418 billion.
Bitcoin has broken through a key support level at $21,700 and is now falling towards the next support level at $21,290. If the stock keeps going down, the 38.6% Fibonacci retracement level at $21,290 may act as resistance.
But if the downward trend keeps going, Bitcoin could go down to the 50% Fibonacci retracement level of $20,300.
But if the candles close above $22,375, there may be a chance that the price of bitcoin will go up. The next level of resistance for BTC is $24,260, which could be reached if more buyers come in and put more pressure on the price.