The Bitcoin (BTC) price could not break through the resistance at $44,000 yesterday and is therefore falling again. At the time of writing this article, bitcoin is approaching an important support zone, and the big question remains whether we can stay here, or whether we will fall one step lower.
Bitcoin (BTC) price cannot break resistance
At the beginning of last week it looked quite good. The price was able to rise again after reaching the support zone at $40,000. This zone served as a springboard for an increase from about 14% to $45,000. However, the news that China wants to ban crypto transactions has put a spanner in the work.
The Bitcoin then fell back to 41,000 dollars. This support zone has now held since September 21, but bitcoin remains close to it. So the situation remains uncertain and The Bitcoin has fallen again in the last few hours. The price is now approaching the above-mentioned support zone again.
It is important for the bulls to set a higher low again in this region. It is clear that there is no clear direction, at least for the moment, as the resistance is strong near $44,000, while the price is close to the support where it has been able to hold so far.
Ethereum (ETH) rejected at $3,000
The top 10 altcoins are also turning red today. Ethereum (ETH) seemed to be doing a good deal yesterday after rising above $3,000. However, this ultimately led to a rejection. The ETH price is currently down 6.4% and has reached a value of $2,902.
Cardano (ADA) is down 5% and is now back in 4th place.Tether (USDT) is catching up with the altcoin in terms of market cap as ADA slowly falls towards $2. The altcoins in the remaining top 10 fall by similar percentages.
Of course, there are still some up-and-comers that we can spot when zooming out. Fantom (FTM), for example, is up 7%. This makes FTM one of the current winners. Nevertheless, the total market capitalization has fallen by 5%. All cryptocurrencies together are now worth $1.85 trillion.
Sarah has been working in the field of crypto news for several years. She writes as a freelance author for various trade magazines on blockchain, bitcoin and altcoins. She also has a professional background in finance with a focus on investment and new forms of financing.