Throughout the week, the price of Bitcoin, Ethereum and other cryptocurrencies has been falling. Bitcoin price has recently crashed below the $45,000 support level. Similarly, most major altcoins may find it difficult to recoup losses.
Close to the $3,300 level, ETH may encounter resistance and XRP could continue to drop below the $0.75 support level. ADA, BNB and LUNA have posted minor gains.
Bitcoin was unable to hold the $44,700 mark, according to Michael Van De Poppe, and started falling south, as he feared after losing the recent low. Currently at a critical time.
If he keeps this up, everything seems to be in order for another $57K tranche. If not, I’d expect a test to cost about $36,000.
Bitcoin price has mostly moved below $45,000 in the last three sessions. BTC even dipped below $43,000 for a brief period. It is currently consolidating its losses, with immediate resistance near $43,800.
The next big hurdle is near $44,000, above which the price may attempt a more aggressive rally.
Bitcoin Accumulation Increases
On the other hand, the largest Bitcoin wallets seem to be buying during the current market correction, adding more than 6,000 BTC in a single day.
According to analysts at CryptoQuant, amid the recent market crash, major Bitcoin wallets have been actively being added.
After two days of continuous selling, the price of BTC has eased a bit. After a period of consolidation, the price exhibits a new selling pressure, pushing it close to the immediate support level.
If BTC buyers can hold the level on the daily close, they will try to reclaim the psychological $50,000 level.
From the lows of $37,500 to the latest highs, BTC is up about 30%.
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