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Bitcoin and Ethereum Take Strong Hit

The price of Bitcoin is down more than USD 10,000 from its all-time high and Ethereum tumbled by over 15% and checked USD 1,050.

After settling below USD 35,000, the Bitcoin price stayed in a
bearish position. To step into a bearish zone, BTC declined
below several significant supports around USD 32,000. It has
also spiked below USD 29,000 and is getting closer to USD
32,000 currently. 


Similarly, the majority of major altcoins have reduced
dramatically and are now going higher again. ETH/USD has
sunk below USD 1,150, even testing USD 1,050.
Bitcoin price battled to correct higher after a near below USD
34,000. BTC has extended its decrease below the support
level of USD 32,000 and has also spiked below the key pivot
level of USD 30,000. The bulls appeared around USD 28,800
and an upside correction recently began with the price.
According to cryptonews.com, it trades above the level of
USD 30,000, with initial resistance at USD 31,800. Near USD
32,200, the first big resistance is emerging but the biggest
challenge may be near USD 33,000.


“The USD 30,000] level looks very vulnerable and a break
below it is bad news in the near-term for bitcoin and cryptos in
general,” according to Bloomberg, Craig Erlam, senior market
analyst at Oanda Europe, wrote in a note Thursday. “I
wouldn’t be surprised to see a test of USD 20,000 before too
long.” However, Jehan Chu, managing partner of Hong
Kong’s blockchain consulting company Kenetic Capital, added
that a “natural correction” is underway and that profit taking
would not “reverse the unprecedented assimilation of bitcoin
into Wall Street’s DNA, leading to USD 100,000 levels this
year.”


The price of Ethereum decreased by almost 18 percent,
breaking the support levels of USD 1,250 and USD 1,150.
The USD 1,050 level was checked by ETH and now losses
are being recovered. The price is back above USD 1,120, but
faces obstacles close to USD 1,180 and USD 1,200
respectively.


Near the USD 1,250 mark, the key resistance is now
developing. The USD 1,100 and USD 1,050 amounts are
essential supports, on the downside.

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