Bitcoin’s price has dropped below the $62,000 support zone but has found support at the $61,800 level. Currently, it is undergoing a correction and is facing resistance at around $63,100, experiencing a 1% decline in the past 24 hours. The global crypto market capitalization currently stands at $2.33 trillion, showing a 2.14% decrease in the last day.
Similarly, most major altcoins are also experiencing corrections. Ethereum (ETH) has tested the crucial support level at $3,115 and has recovered above $3,180. XRP fell below $0.50 but has seen an upward movement due to bullish activity. ADA has remained stable above the $0.445 support zone. Solana (SOL) is currently trading at $136.19 and has seen a decline of more than 4%.
In this article, we will discuss the price analysis for Bitcoin and Ethereum on April 29, 2024.
Bitcoin Price Analysis April 29, 2024
After dropping below $63,000, the price of Bitcoin found support at around $61,800. It is currently attempting to recover slowly. On the upside, it faces resistance at the $63,500 level. The next significant resistance level is around $65,200, and if the price surpasses it, a steady rise could be expected.
If the price fails to break above $63,500, there is a possibility of further decline below $60,000. The main breakout support level lies at around $52,500, and a drop below it could trigger another significant decline.
Ethereum Price Analysis
As of now, the price of Ethereum is quoted at $3,173.76, showing a 4.5% decline in the last 24 hours. It has followed a similar pattern to Bitcoin, dropping below the $3,200 support level. However, ETH has remained stable near the $3,150 and $3,180 levels.
On the upside, it is facing resistance at the $3,300 level, which is also the 50-hourly simple moving average. The next major resistance level is around $3,350, and a break above it could initiate a steady rise in price.
If the price fails to break above $3,300, there is a possibility of further decline below $3,120. The next significant support level lies at $3,020, and a drop below it could even lead to a price of $2,850.
In summary, Bitcoin’s price is attempting to recover above the $63,000 level. If it manages to stay above $63,500, it could rise and recover to $65,200. Otherwise, a correction towards $52,500 is likely.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: No related posts.