The cryptocurrency market has been experiencing some volatility lately Bitcoin And Ethereum, the two most widely used cryptocurrencies, are facing a bearish phase. Bitcoin is currently trading at $24,000, having suffered a slight decline from the previous day due to concerns over market liquidity.
Similarly, Ethereum has seen a decline of 3% in the last 24-hours and is currently trading at $1,600.
The cryptocurrency market has experienced some volatility recently, with two of the most widely used cryptocurrencies, Bitcoin and Ethereum, facing bearish losses.
Additionally, other popular cryptocurrencies such as Dogecoin, Solana, Ripple and Litecoin have all lost ground.
However, the decline was driven by ongoing concerns about Credit Suisse, a bank in Europe that is facing challenges. Investors are concerned that this could lead to a banking crisis, which could affect the bitcoin price in the near term.
Bitcoin Drops to $24,000 as Crypto Market Faces Downward Stance Amid Signature Bank Closures
There has been a huge drop in the price of bitcoin, and the cryptocurrency market has been in a general downtrend lately. Along with the decrease in the value of bitcoin, news of the closure of Signature Bank is also coming.
Some investors were concerned that the shutdown could be related to cryptocurrencies, which could further affect the market. However, the New York Department of Financial Services (NYDFS) clarified That Clojure is not connected to cryptocurrency.
The New York Department of Financial Services (NYDFS) has reassured investors that the recent closure of Signature Bank had nothing to do with any cryptocurrency concerns.
Nevertheless, the cryptocurrency market is struggling, with bitcoin experiencing a significant drop in value. Investors are closely watching the situation, but the market seems to be facing challenges in the near term.
US PPI and economic uncertainty weigh on BTC
Recent US producer price index The data has been positive, but concerns about global banks and the overall state of the economy keep investors cautious. Despite a brief increase in value, bitcoin and other cryptocurrencies experienced a drop in prices.
This downward trend can be attributed to a number of factors, including the ongoing troubles with global banks, especially around Credit Suisse, which has raised concerns about market liquidity. As a result, some investors are getting restless and selling their holdings, leading to a drop in the value of cryptocurrencies like bitcoin.
Furthermore, the macroeconomic environment remains subdued, and economic uncertainty and banking concerns have created a cautious trading environment. As a result, investors are becoming more careful about where they invest their money, which is contributing to the decline of bitcoin and other cryptocurrencies.
bitcoin price
After a brief consolidation at $26,500, Bitcoin There has been a huge drop in price. As a result, it remained in a short-term downside bias after there was a break below the $25,000 and $25,500 support levels.
If the price can close above $25,200, it could trigger a fresh uptrend above $26,000 with an important resistance in the $26,000 area. If $26,000 is broken, $27,500 may not be far behind.
Nevertheless, if it fails to break the $25,200 resistance, it could see another decline.
Currently, $24,000 is providing near-term support on the downside, with the $23,500 area and the 100-hourly simple moving average providing additional, more substantial support not far behind.
Selling pressure is likely to increase whenever the price declines below $22,600. If there are losses, the price could decline below $22,000.
ethereum price
After crossing the $1,600 barrier, EthereumA significant increase in the price of For ETH to move further in a positive zone, it had to break above the crucial $1,700 resistance area against bitcoin.
The price finally broke the $1,745 barrier and traded towards $1,800. A peak was formed near $1,784, followed by a retracement to the downside.
If Ethereum fails to break $1,745, we could see another decline. In the near term, the trend line and the $1,695 price point will provide initial support for the market.
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Check out Cryptonews’ Industry Talk team’s curated list of the top 15 altcoins to watch in 2023. The list is frequently updated with new ICO projects and altcoins, so be sure to visit often for the latest updates.
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