Bitcoin price action has currently rejected the USD 23,000 level. The next price level that should have acted as support was $22,000. However, Bitcoin is currently changing hands for around $21,900 at the press time.
Similarly, most major altcoins have declined. ETH topped near $1600 and has declined below $1,550.
BTC/USDT
After a rebounding demand, Bitcoin prices struggled to clear above $23,000. While the correlation coefficient of Bitcoin to SPX stands at 0.80, the intensity of the fall in Bitcoin is roughly thrice in the S&P 500.
BTC failed to stretch gains and started a fresh decline below $22,000. While falling, good support levels get detected near the $21,650 level. The next significant support is near the $21,500 zone.
The incline’s immediate resistance level is near the $ 22,500 level. The next major source of resistance for Bitcoin stands at $23,000. Fortunately, if the price action breaks above, a bullish revival can appear.
ETH/USDT
Ethereum, on the better hand, has been living in a not-much volatile trading range for the past six days of trading. It has been hovering between $1,500 and $1,650 levels since July 19th.
A good thing to note, during this bear market where recovery should be in expectation criterion of later than sooner, Ethereum’s price action is admiring. With the much-awaited merge coming on 11th August.
This merge has a projection of bringing in the proof-of-stake style of consensus mechanism. On the successful completion of the merge, the Ethereum network will see 99% cuts in current carbon emissions produced from the network’s mining operations.
TRX/USDT
Tron is battling to break above the crucial resistance of $0.7201 after it broke below it on June 13th, 2022.
While there’s been a downward trend in this cryptocurrency since July 18th, chances are it’ll continue to fall until it gets supported at $0.6130.
Speaking about volumes, the supply and demand quadrants for Tron are both witnessing below-average numbers. However, this can be due to the ongoing bear market.
MATIC/USDT
MATIC surged by 16% in the last week, and on the daily chart, the coin has fallen by 5.6%. MATIC did manage to touch the $0.98 mark on July 18th. Nonetheless, a small decline in buying strength caused the cryptocurrency to be rejected from the $1 level.
$1 is a very important psychological level to break for Matic. A pullback can bring the prices to take support at $0.79 and $0.74 levels in the written order.
Conclusion
Overall, the bitcoin price is declining and trading below the $22,000 level. If BTC slides below the $21,500 support, it may drop towards the $20,500 support zone. While the altcoins are highly correlated with the primary cryptocurrency, they may absorb some sentiment leak from the Bitcoin price action.
