Bitcoin, the biggest cryptocurrency on the crypto market, has found support near the $22.200 level after a sharp drop. Currently, BTC is consolidating above $22.350 and could initiate a further increase if there is a clear move above $22.850.
Meanwhile, most major altcoins are consolidating near support zones. Ethereum (ETH) is struggling to stay above the $1.570 level, while XRP is close to the $0,36 support. ADA faces resistance near $0,3420 and has turned down. MATIC has dropped close to the $1,09 support and is looking for a recovery.
The market continues to digest Silvergate, while the announced the discontinuation of its SEN platform, which was used by several financial institutions to move money to cryptocurrency exchanges. The announcement follows last week's warning about the bank's ability to stay in the market.
In this article, we will discuss:
US stocks
US markets started the week on a high on Monday morning. The S&P 500 was up 0,2%, while the Dow Jones Industrial Average was up near the flat line. The high-tech Nasdaq Composite was also up 0,4%.
The yield on the benchmark 10-year US Treasury note fell to 3,93% on Monday morning. Crude oil fell, with the US benchmark WTI trading at $78,96 a barrel. The Dollar Index was also down, trading at $104,40.
These early results point to a busy week for investors, with price swings in major US markets and the dollar's decline drawing attention.
Bitcoin and crypto analysis today
Bitcoin price
After a sharp decline, the Bitcoin price it has found support near the $22.250 zone and the hourly chart shows an accumulation phase. Since then, BTC has remained well above that mark and has started a consolidation phase. Recently, it managed to correct a few points above the $22.400 level, but on the upside, the price still faces resistance near the $22.500 level. The next major resistance now lies near the $23.850 level, above which the price could start a decent rise.
Otherwise, an initial support is near the $22.050 level. The next major support is near the $21.800 zone, below which the price could start another sharp drop. Although Bitcoin has found support, it is still important to closely monitor its movements and be prepared for possible fluctuations in the market.
Ethereum Price
O ethereum price managed to stay above the $1.550 support zone, initiating a bullish attempt and trading above $1.570. Although it has risen above $1.570, it is struggling to gain bullish momentum. The first major resistance is near the $1.585 level, and the next major resistance is near the $1.650 level.
If not, the price could start another decline towards the $1.550 support level. The next major support is at $1.500, below which the price could pick up bearish momentum.
ADA, XRP, DOGE and MATIC price analysis
O cryptocurrency market showed different movements this week. While some digital currencies have struggled to recover from recent losses, others have seen minor consolidations at certain levels.
O cardano price (ADA), for example, dipped below the $0,33 level and is struggling to recover above $0,3450. Experts warn that, if a trend reversal does not occur, the coin could fall further, reaching the support of $0,32.
O DOGE price it is consolidating above the $0,073 level. A drop and close below the $0,074 level could trigger a sharp decline. In the indicated case, the price can drop to the $0,070 level.
O XRP price it is consolidating near the $0,365 level. If there are more dips, the price could drop and test the $0,342 support. Otherwise, first major resistance is near $0,385.
O MATIC price it dropped more than 11% and tested the $1,09 level. It is now trading near the $1,12 level. On the upside, the bears may remain active near the $1,20 level.
Last week's highlights
Among the top 100
- MAKER (MKR) up 23% over the past 7 days.
- SYNTHETIX NETWORK (SNX) up 21% over the last 7 days.
- EOS (EOS) up 9% over the past 7 days.
Among the top 200
- LIQUITY (LQTY) up 63% over the past 7 days.
- KASPA (KAS) up 46% over the past 7 days.
- MX (MX) up 36% over the last 7 days.
