Fri, February 23, 2024

Bitcoin dropped below $55,000. What about other cryptos?

bitcoin

Bitcoin tumbled down by 0.25% to $54,203.0 on Wednesday. After a mixed start of the day, the crypto surged to an early morning high of $54,668.0 before dropping to a low of $54,118.0. It also left the major support and resistance levels untested thus far.

Other cryptos fluctuated during the day as well. However, Bitcoin’s move back through to $55,000 levels will likely provide the broader market with more support.

On Tuesday, Bitcoin soared by 0.49%. After partially reversing a 5.70% fall from Monday, the crypto ended the day at $54,336.8. However, a mixed start of the day caused Bitcoin to plummet from an early morning high of $55,288.0 to an early morning intraday low of $52,812.0.

The crypto also steered clear of the first major support level at $52,338, but then it skyrocketed to a late afternoon intraday high of $55,822.3. Despite that, Bitcoin declined at the end of the day at sub-$54,500 levels after falling short of the first major resistance level at $57,163.

Thus far, the near-term bullish trend is intact despite the latest pullback. The crypto would need to drop through the 62% FIB of $26,041 to form a near-term bearish trend.

Bitcoin’s dominance soared to a Monday high of 61.63% before tumbling down to a Tuesday low of 60.20%. On Wednesday, Bitcoin’s dominance sat at 61.06%.

The crypto would have to surpass $54,324 level again for challenging the first major resistance level of $55,835. But Bitcoin needs support from the broader market to break out from Tuesday’s high $55,822.3 

How did other cryptos fare?

The crypto market fluctuated on Wednesday. Some digital coins rallied. Crypto.com Coin surged forward by 3.82%, while Bitcoin Cash SV climbed up by 1.33%. However, the rest of the major cryptos traded on the bearish territory. Ripple’s XRP plummeted down by 1.14%, leading the way down.

Tuesday’s session was mixed for the major cryptos as well. Crypto.com Coin dropped down by 10.84%, leading the way down.

Chainlink declined by 1.79%, and Ethereum lowered by 0.79%. Furthermore, Polkadot shaved off 3.26%, ending the day in the red.

On the other hand, the rest of the major cryptos traded on the bullish territory. Bitcoin Cash SV skyrocketed by 5.42%, leading the way.

Binance Coin also climbed up by 0.21%, while Cardano’s ADA added 1.33%. At the same time, Litecoin edged up by 0.06%, and Ripple’s XRP soared by 0.52%), all of them joining Bitcoin in the green.

During the current week, the total crypto market surged to a Monday high of $1,802bn before tumbling down to a Tuesday low of $1,607bn. On Wednesday, the total market cap sat at $1,653bn.

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