The crypto market dawned marked by a strong red, as Bitcoin falls and triggers negativism again across the ecosystem
The Bitcoin price falls again and goes down 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 hovering between 4% and 10%. For example, ETH is trading at $2,166.27 accumulating a loss of 7.72% in the last 24 hours, while BNB is at $315.70, losing 5.74% in the same period of time.
TOP 10 crypto market dawns in the red as Bitcoin falls. Source: Crypto Online.
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 is still flat; however, coin flows to exchanges is negative, which should be taken as positive
Bitcoin's great versatility
The SSR indicator is at the lowest level compared to its lower band of 128 periods. Whenever this indicator is at this place, it means that there is more purchasing power to buy Bitcoin, depending on the amount of stable coin supply
Bitcoin technical analysis as it falls and drags down the entire crypto market.
BTC just broke the immediate support at $33,500, causing it to lose the slight bullish intention it was bringing.
If the daily candle closes as it goes, price could head back towards the large support zone between $32,000 and $30,000, where we are still very likely to see the bulls show up in force.
Overall, still BTC is locked in a big sideways between the named support zone, and a resistance at $40,500. Any fluctuations within this range should not be too alarming for either side.
Bitcoin falls and drags down the entire crypto market. Chart source: TradingView.
Cryptocurrency funds received $63 million in proceeds.
Weekly chart still holds a good scenario
The behavior seen on the weekly chart continues to say that already the correction is complete, and a new bullish momentum may be about to start.
However, as long as the resistance at $40,000 is not broken through, the bulls cannot claim victory.
On the bearish side, we have that Bitcoin can go to challenge a support at $28,850 in case it loses $32,000. Further down, the next supports are at $26,500 and $23,800, both observed from the daily chart.
Weekly chart of BTC vs USDT. Source: TradingView.
Ethereum remains strong
Recent losses are not affecting ETH too much, who recently managed to regain the short-term uptrend, thanks to continuous higher and higher lows and higher highs.
Today the immediate support at $2,193 is being lost, 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 clear ground all the way to $2,610.
On the bearish side the most relevant immediate support is near $2,000.
Daily chart of ETH vs USDT. Source: TradingView.
Binance Coin already turned bullish in the short term.
Like ETH, BNB also turned bullish recently, so while Bitcoin falls and drags down the entire crypto market, it really for these coins does not cause too much fear.
Binance Coin was hampered yesterday by resistance at $333.56, and is now being defined at support at $314.84.
If it continues as it is going, BNB should soon break through the named resistance, and head up to the next one located at $375.54.
The resistance that must be crossed to recover the major trend is at $428.
Daily chart of BNB vs USDT. Source: TradingView.
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