Prices of different cryptocurrency dipped after the Technoking of Tesla, Elon Musk halts accepting Bitcoin payment for the company’s services.
After the above announcement, most cryptocurrencies took a bearish turn as they dropped to marks not foreseen before the announcement. Hoping the bearish dominance is over, the buyers are buying the dip and looking forward to a price rally. Here is the crypto market outlook for today;
The last 24 hours saw bitcoin record a low of $47,602 and a high of $57,201. The King coin lost 11% of its value during the last 24 hours. The buyers were able to buy the dip as BTC is trading above $50k as of the time of writing.
More price corrections may take place if the buyers don’t rally the market. For now, the safe zone to prevent further price is $54,000. It is one the easiest resistance to break stronger as support.
The next 24 hours will see strong market buyback as prices may climb back to $51,000. The sellers will try to create strong congestion to dip bitcoin below $50k.
Ether also took a bearish turn after a new all-time. As of press time, ether all-time high is $4,356. The second-largest coin by market saw a low $3,656 as it lost 8% in the last 24 hours.
Ether will surge to trading above $4,000 before the end of the next 24 hours. The surge above $4,000 will be met by a little seller congestion that will ensure that ether sees a little difficulty.
The Binance coin had a low of $573 and a high of $670. The coin is recovering from the dip experienced but lost 8% in the last 24 hours. The third-largest coin is trading above $600 as of the time writing.
BNB will surge as high as $630. If the buyers can sustain prices above $630, BNB may trade above $650 before the end of the next 24 hours. The bears will stop the surge above $650 if prices remain $610.
More traders will get involved in buying the dip of various cryptocurrency. The next 24 hours may see buyback as more cryptos may surge to the prices they trading at before the dip.