Bitcoin price plunged steeply and broke below the support level at $21,000. For its part, Ethereum also lost nearly 2% and reached the 61.8% Fibonacci level with a price of $1,566.
After announcements from China, which declared that it had no intention of changing its zero Covid policy, the price of American stocks, the cryptocurrency market and that of raw materials in Asia fell sharply on Monday. Nevertheless, the resilience of Asian markets helped limit the downtrend.
This weekend, health officials in China reaffirmed their commitment to the policy of “dynamic cleaning” of COVID cases, and this in a systematic way. This statement had the effect of driving down the price of high-risk assets.
At the start of the day, the total cryptocurrency market capitalization fell more than 1% from the previous day with a score of $1.04 trillion. Also in the past 24 hours, the overall market volume fell by 0.5% to $69.99 billion.
Note that the overall volume of the DeFi sector was $3.91 billion, which represents just over 5% of the volume over the last 24 hours of the entire crypto market. The volume of stablecoins represents 63.75 billion dollars, that is to say 91% of the total volume over the last 24 hours of the entire crypto market.
Winners and losers among altcoins
In the last 24 hours, the best performances were achieved by Litecoin (LTC), Polygon (MATIC), and Chiliz (CHZ). In general, the bullish aspect is a little at half mast today with a trend that is rather for sale.
Litecoin and Polygon climbed more than 3% to hit $71.4 and $1.20 respectively. At the same time, CHZ rose 0.5% to $0.27.
In the past 24 hours, the trend has reversed on Solana (SOL) losing most of the recent gains, with a drop of more than 10% and a price that comes in at $32.25. For ImmutableX (IMX) it is a drop of more than 9% for a price now located at 0.6025 dollars, while Loopring (LRC) is also down 9% for 0.3370 dollars.
The price of bitcoin
Currently, the price of Bitcoin is located at $20,892 and the trading volume over the past 24 hours is $38 billion. Bitcoin lost just over 1.5% during the Asian session. According to data from CoinMarketCap, Bitcoin is still first in the crypto ecosystem with a total market capitalization of $438 billion, up from its previous day result of $406 billion.
Bitcoin, the first of the cryptocurrencies, broke through the important support level of $20,900. If the decline is accentuated the BTC can find an immediate level of support at the position of 20,600 dollars, this level is also supported by the moving average over the last 50 days.
A bearish break below the 50-day moving average is able to extend the selling trend to the $20,400 or even $20,000 level.
On this chart with a 4-hour time frame, the ascending channel supports the chances of a continuation of the uptrend with support at $20,400. On the upside, the immediate resistance level for Bitcoin is $21,000, and a break above this level is capable of pulling the price of BTC up to $21,500 or $22,200.
As of now, today’s price at $21,000 serves as a checkpoint.
The price of Ethereum
This Monday, the second cryptocurrency in the ecosystem by market capitalization, with 197 billion dollars, lost almost 2% in the last 24 hours which brings the price of ETH to 1,588 dollars, according to data from CoinMarketCap.
Again, on a chart with a 4-hour timescale, we see that Ethereum has fallen below its 50-day moving average, which has extended support at $1,590. The same level that now serves as a barrier.
Ethereum may find an immediate level of support on the downside towards $1,566, which equates to a 61.8% Fibonacci retracement. A breakout could send the price down to the next Fibonacci level located at 78.6% and equivalent to a price of 1,540 for ETH.
An increase in demand could cause the moving average over the past 50 days to move to retest the resistance zone located at $1,620. A breach of this passage could potentially send the price of ETH above the $1,660 mark.
Arweave earns over 35% in a week
The current price of Arweave is $14.13, with a 24-hour volume of $126 million. Arweave recorded a drop of 6% compared to the day before, however we observe a progression of 35% if we look at the evolution over the last 7 days. With a market capitalization of $471 million, Arweave ranks 84th in the crypto ecosystem.
From a technical analysis perspective, the AR/USDT pair has fallen all the way to the $14 level as early buyers appear to be looking to take profits on their positions. Note that there are a total of 66 million AR tokens with only 33.39 million tokens in circulation.
In general, the trend is rather bullish, with a moving average which provides support at 13 dollars and immediate resistance at 15 and 16.5 dollars.
The new presales of the crypto sector
After raising $5.16 million in just two weeks, the second stage of the Dash 2 Trade pre-sale has just ended. Slated for release in early 2023, Dash 2 Trade is a platform developed by the leadership team of Learn 2 Trade, a hugely popular service specializing in trading signals.
The objective of the platform is to offer investors a wide range of analytical tools for the crypto market, in order to help them make decisions thanks to a multitude of information. D2T offers trading signals, social analytics and a detailed market sentiment report to enhance the trading experience.
According to the development team, Dash 2 Trade aims to become the Bloomberg terminal of the crypto sector, and in addition to the analysis aspect the software will also allow the launch of automated trading procedures.
With such promise, it’s no surprise to see that the Dash 2 Trade presale continues to generate strong excitement from traders. For the third stage of its presale, the project has already raised more than $5.44 million.
If you are interested in Dash 2 Trade, feel free to visit the project site by clicking on this link.
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