As the week is coming to an end, no major notable BTC price changes have been witnessed this week. Investors are still holding on to their coins, waiting for a market catalyst that would bring about a bigger move.
Bitcoin price is still very uncertain, and it’s likely to deepen over the weekend if the price does not hold to $9, 270 support level. Ethereum is slightly bearish as a potential sender of $5 million Ethereum transaction fee has been revealed. The biggest altcoin gainer today was Compound(COMP) which gained by 61.41% trading at $197.90
Bitcoin is still struggling to break the $9, 600 resistance currently testing a strong support level at $9, 270. The market seems to be struggling to find direction attributed to rising global uncertainty as a result of the ongoing pandemic. The support levels at $9, 000 and $9, 400 are quite crucial to prevent a massive price decline to the $8000s range.
In the last 24hrs, Bitcoin has recorded a -0.23% fall in price currently trading at $9,397.86. The coin is facing two strong resistance levels at $9, 375, and $9, 470, with the latter being a stronger resistance level.
On the downside, the support levels are not strong enough and can easily weaken following multiple retests within a short period of time. If the $9,000 and $9, 270 support levels break down in the coming weeks, traders are likely to experience a steep price fall. The next support levels could range between $8, 600, and $8, 700.
Ethereum continues to consolidate below the $226 support level. From the start of the week, prices have been oscillating in a tight space around $231, $233.50, and $235. In 24 hours, the coin has recorded a 0.48% fall in price, with the price currently testing the $225.00 support level.
The $226 support level looks healthy, and a bullish pattern could soon be a reality, especially if the buyers regain market control. On the downside, a break under the $226 support level could cause a fall in price to $211.17. All in all, a bearish trend is still expected as the market is still uncertain.
Altcoin continued a good run with COMP surging by 61.41% following increased demand.COMP, a new entrant in the DeFi, points at the rapidly growing DeFi space. Other altcoins that recorded a price increase include BNB, TRX, XTZ, SNX, KNC, LEND, FXC, and NEXO.