Veröffentlicht von • Bitcoin and the crypto market have been facing market pressures, leading to a 4% decline in value.
• Trading volumes have increased by 12%, while BTC’s most immediate resistance level is at $22.600 and support stands at $21.400.
• Although some coins recorded gains, Gas and MarsDAO were the biggest losers with 36% and 28% losses respectively.
Market Pressure Causes Bitcoin Price Decline
Bitcoin hit the $24,000 mark for the first time in six months last week, but has since then succumbed to market pressure and seen a 4% decline in its value from $22,500 24 hours ago to approximately $21,700 today.
Rise In Trading Volumes
Despite this price plunge over the past seven days, bitcoin trading volumes have actually taken an upward turn, increasing by 12% to reach a total of $31.6 billion. This could indicate that traders remain optimistic about future prospects for the leading cryptocurrency despite current negative trends in the markets.
Resistance and Support Levels
According to market charts, BTC’s most immediate resistance level is at $22,600 while its support stands at a lower level of $21,400 – making it more likely that a further price drop would take place if bitcoin breaks through this support level than if it manages to break through its resistance level.
Economic Pressures Affecting Crypto Markets
The current economic pressures surrounding cryptocurrency markets are believed to be affecting bitcoin prices as well as other digital assets on the market: yesterday there were rumors that the SEC could ban crypto staking in the U.S., while reports suggest The Block may be cutting down staff numbers due to issues with employment levels among other things; all of which may contribute towards pushing prices lower across cryptocurrencies generally.
Biggest Gainers And Losers Of The Day
Coingecko analysis shows that Shikoku and ZigZag were two of the biggest crypto gainers ofthe day – recording 59% increase and 45% increases respectively – though both coins still trade below dollar values; meanwhile Gas and MarsDAO lost 36% and 28%, with even popular meme coin Floki losing 24%.