As bitcoin dominance reduces there will be more diverse price actions from different cryptocurrencies.
After the recent price slump, BTC has been struggling below the $58,000 mark. Recent price actions pit BTC at a very uncomfortable spot to break this critical resistance level.
For some time now when Bitcoin prices drop below $57,000, prices may revert to trade below $56k. The above statement took place a few days ago when after a repeated effort to flip the $56,000 mark failed in recent times.
For example, before the final breakout above $56,000, bitcoin traded for more than ten days below this level. It took repeated efforts to flip the $56k mark at that time.
The bulls can halt the impending price drop by rallying the market. As much as the $56k mark is a tough resistance when it flips, it can also be critical support. The buyers will use this critical support to their advantage as they defend it and ensure no further price dip.
BTC will also aim at crossing the $58k once it is back to trading above $57,000. A strong price surge will see the coin trade above $58k a few hours after flipping the $57k.
While the king coin is struggling to hold critical support, crypto’s second-largest coin is pushing to flip more resistance. The toughest resistance in the bullish campaign is $3,000. Recent price movement shows Ether edging closer to test the $3,000 resistance.
The highest ether got to $3,000 resistance $2,986. Ether current all-time will flip very soon and the buyers won’t stop until prices break the $3k. If the current bullish drive is maintained, ETH may flip the $3k resistance in the next 24 hours.
A break above $3,000 may call for improved price actions that may result in ether increasing by $10 or $20 in the next few minutes after the milestone.
The actions by the buyers will not go unnoticed as the bears will capitalise on the $3,000. Traders will start taking profit that may result in sellers congestion. Strong seller congestion will see ether back below $2,950.