The struggle of the leading cryptocurrency Bitcoin (BTC) with the support of $ 42,000 certainly seems to determine the next days of the crypto money industry.
The market, which has become more active especially with statements made by SEC Chairman Gary Gensler, continues with Bitcoin falling below the $ 42,000 support during the day.
What is the latest situation in Bitcoin?
Looking at the leading cryptocurrency, the critical point below $ 42,400 is currently seen to be $ 40,700, which is the weekly MA20 level. According to information relayed by analyst Material Scientist, who examined the order books of Binance and OKEx in particular, $ 40,000 is very critical support.
The RSI indicator again points to the oversold territory, which actually indicates that the decline may slow down.
However, the progress of the decline started by a news in the crypto money industry has been seen before, despite the technical indicators. The most fundamental support for BTC below $ 40,000 is the $ 36,000 – $ 38,000 band. For this reason, it may be preferred to stop at BTC closes below $ 40,000.
Ethereum price heading to $ 2,000?
Ethereum, the second largest cryptocurrency by total market capitalization, fell 7% in 24 hours and retreated to $ 2,870. Losing Ethereum’s $ 2,800 support could bring a hard landing at $ 2,200.
It seems reasonable for investors to stop below $ 2800 in this context. If there are signs of recovery in the market, the price will quickly climb back above $ 3000.
Not expected in XRP
The latest development that Ripple requested from the court was also rejected and is not doing well for Ripple. Losing the $ 1 support, XRP is trading at $ 0.90 and trying to hold at $ 0.86.
XRP can be expected to break below this level and approach the $ 0.84 point below it. Losing 15% blood in 7 days, XRP must stay above $ 1 to turn things around. On the other hand, although the Ripple wing confidently made statements such as “We will not engage with the SEC because we will win the case,” these statements are said to be actually negative and completely eliminate the possibility of reconciliation.