The crypto market today experienced a slight decrease in price, with all the top three coins failing to break the resistance level following yesterday’s rally. Bitcoin failed to break the USD 9600 resistance level currently trading at $ 9, 410- a 0.64% drop in yesterday’s price. Ethereum also had a 0.70% drop in price trading at $231.9.
The biggest altcoin gainers today are Bitcoin SV gaining by 0.16% and Ontology gaining by 3.18%. Another interesting development today is that there is increased crypto investment among persons over 55 years.
Bitcoin Continues to Hover Around $9580 Resistance Level
Despite yesterday’s strong rally, Bitcoin failed to break the USD 9, 580 resistance level. With the support level at USD 9, 251 showing a high chance of the price bouncing back to an uptrend, traders can hope for the best. However, there could be a balance between supply and demand, as indicated by the RSI, which is closer to the midpoint coupled with the 20-day exponential moving average, which seems to have flattened out.
A bearish run could be possible if the price breaks below the $ 8, 910 support level. This could lead to a significant drop in price up to $8, 130. On the upside, an upward break above the $9, 870 could likely propel the price to $10, 500.
Ethereum displayed a similar trend as Bitcoin failing to break past the resistance level at $240. Market price dropped by 0.70% from yesterday after failing to break the support level. The new USD 228 support level was instrumental in preventing further price fall, enabling the coin to bounce slightly upwards to around $235.
Ethereum bulls are struggling to push the coin past $240 as the bears are getting the upper hand as indicated by the flattening out of the 20-day EMA as well as the RSI, which is past the 50 levels. Ethereum price could sink to $196 if the bulls fail to break the $240 resistance level. Conversely, a price spike could be experienced if the $240 resistance level is broken.
Biggest Altcoin Gainers
Bitcoin SV(BSV) gained by 0.16% to currently trade at $175 from $165.3 on June 15. The spike in price is largely attributed to increased demand at lower levels. However, despite the bullish trend, the coin has been unable to break the 20-day EMA at $186 with the RSI remaining on the downside.
This indicates a high possibility of a bearish trend in the coming weeks. A break on the downside of the first support at $146.2 could sink the price to $120. Ontology (ONT) gained by 3.18% to trade at $0.5856. The price rise is attributed to a rise in users staking in the Ontology Triones nodes.