Bitcoin price didn’t stay above the $ 37,000 level and fell below the $ 36,500 support. BTC has even traded below the USD 36,000 level and is currently (05:00 UTC) trading below USD 36,000. If it continues down, the bulls could be trying to protect USD 34,500.
There has also been a downward revision on most of the major altcoins. ETH / USD traded towards USD 1,440 before correcting below USD 1,400. The XRP / USD is also bearish, back below the USD 0.300 and USD 0.295 pivot levels.
Total market capitalization
Meanwhile, Treasury Department candidate Janet Yellen said during a hearing in the Senate Finance Committee yesterday that “cryptocurrencies are of particular concern” when it comes to terrorist financing, and “we need to ensure that our methods of dealing with it Matters With the funding of technology terrorists, technologies change too. “
“I think a lot [cryptocurrencies] are mainly used for illicit funding, at least in a transactional sense, and I think we really need to look into how we can limit their use and ensure that anti-money laundering does not take place through these channels, “she said.
As reported yesterday, the criminal share of all cryptocurrency activity fell from 2.1% (USD 21.4 billion) in 2019 to 0.34% or USD 10 billion in transaction volume in 2020.
After another failure above USD 37,200, Bitcoin price began to decline again. BTC has broken the USD 36,500 and USD 36,000 support levels to enter a short-term bearish zone. The price is down 3% and could continue falling towards USD 35,000. The next big support is near $ 34,500, where the bulls may take a stand.
Initial resistance to the upside is near the $ 36,000 level. The first major resistance to rebound is now forming near the $ 36,500 level.
The price of Ethereum picked up pace yesterday, even surpassing the $ 1,400 level. ETH was trading near USD 1,440 before a downward correction was initiated. The price has traded below USD 1,400 and tested the USD 1,340 support zone. If there are other drawbacks, the price could continue to slide towards the USD 1,275 support.
On the upside, the price is facing hurdles near the USD 1,400 level. The next major resistance is near the USD 1,440 and USD 1,450 levels above which the USD 1,500 could be tested.
Bitcoin cash, Litecoin and XRP price
Bitcoin cash price tested the USD 550 resistance level before correcting lower. BCH traded below USD 520 and is now testing the USD 500 support. A clear breakout and a close below the USD 500 level could potentially require pressure to the USD 485 support level. On the upside, the USD 525 level could act as a pivot zone.
Litecoin (LTC) tested the key USD 165 resistance level before correcting lower. LTC has traded below USD 160 and is nearing the USD 150 support. If there are more drawbacks, the bears could test USD 140. On the upside, the USD 160 and USD 165 levels could act as strong hurdles for the bulls.
The XRP price rose towards USD 0.330 before pulling back. It failed to stay above the USD 0.300 support zone again and even broke the USD 0.295 level. The price is bearish, but there are many key supports near USD 0.265 and USD 0.255.
Other altcoin market today
Some altcoins gained over 5%, including HBAR, ENJ, NXM, REN, MANA, OCEAN, STX, LUNA and VET. Of these, HBAR outperformed and rose to the USD 0.10 level.
Overall, the Bitcoin price is dropping, resulting in losses below $ 36,000. If it doesn’t stay above USD 35,000 and USD 34,500, there is a risk of a larger short-term decline.
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