The price of Bitcoin drops again to $32,836, losing 5.14% in the last 24 hours, and dragging the entire crypto market down.
The entire TOP 10 today is marked by this negativism, with losses ranging between 4% and 10%. For example, ETH trades at $2,166. 27 accumulating a loss of 7.72% in the last 24 hours, while BNB stands at $315.70, losing 5.74% in the same time period
Despite everything, BTC’s on chain metrics continue to forecast a positive future, and as we will see in the technical analysis, even the loss is not worrisome.
Bitcoin’s behavior remains flat; however, coin flows towards exchanges are negative, which should be taken as positive.
The SSR indicator is at the lowest level compared to its lower band of 128 periods. As long as this indicator is on this site, it means that there is more purchasing power to buy Bitcoin, depending on the amount of stablecoins supply.
Bitcoin technical analysis as it drops and drags the entire crypto market
BTC just broke immediate support at $33,500, causing the slight bullish intent being brought to it to be lost.
If the daily candle closes as it goes, the price could head back to the large support zone between $32,000 and $30,000, where we are still very likely to see the bulls appear strong.
Overall, even BTC is locked on a large side between the named support zone, and a resistance at $40,500. Any fluctuation within this range should not be too alarming for either side.
Weekly chart still maintains a good scenario
The behavior observed on the weekly chart continues to say that the correction is already complete, and a new bullish momentum may be about to begin.
However, as long as the resistance in the $40,000 is not crossed, the bulls cannot claim victory.
On the bearish side, we have that Bitcoin can go to challenge a support at $28,850 in case of losing the $32,000. Below the following stands are at $26,500 and $23,800, both observed from the daily chart.
Ethereum stays strong
Recent losses are not affecting ETH too much, who recently managed to recover the uptrend in the short term, thanks to continuous lows and higher and higher highs.
Today immediate support at $2,193 is losing, which may be causing problems for the named trend. However, there is not much to worry about yet.
In the event of a bullish recovery, ETH has the ground cleared to $2,610.
On the bear side the most relevant immediate support is close to $2,000.
Binance Coin already turned bullish in the short term
Like ETH, BNB also turned bullish recently, so while Bitcoin drops and drags the entire crypto market, it really doesn’t cause too much fear for these coins.
Binance Coin was hampered yesterday by a resistance at $333.56, and is now being defined on support at $314.84.
If it continues as it goes, BNB should soon pass the nombre resistance, and head to the next one at $375.54.
The resistance that must go through to recover the major trend is at $428.
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