Crypto Market News Today: Bitcoin Crashes Below $59,000—Ethereum Heads to $2500, Altcoins Consolidate

The post Crypto Market News Today: Bitcoin Crashes Below $59,000—Ethereum Heads to $2500, Altcoins Consolidate appeared first on Coinpedia Fintech News

Yet another weekend remained under bullish influence as market sentiments turned extremely bearish during the weekend. Bitcoin faced massive selling pressure, which eliminated 50% of the gains incurred in the previous week. While the bulls are unsure of the next price action, the bears appear to be waiting for the right time to jump in. Therefore, the bearish clouds continue to hover over the BTC price as the token is juggling around a crucial range. 

The BTC price is trading within a descending parallel channel and after the recent rejection, a drop to the lower support appears to be on the horizon. The token has failed to breach the resistance multiple times, which suggests the bullish strength has waned to a large extent. Besides, the +Di & -Di have repelled from each other while they were about to undergo a bullish crossover. The RSI is also bearish, validating the bearish narrative. 

Therefore, the Bitcoin price appears to be poised to maintain a descending trend and head towards the support zone between $56,099 and $56,813 if the bears continue to hold a tight grip over the rally. Moreover, if they fail to hold these levels, a drop in the lower support of the channel below $54,000 could be imminent. On the other hand, Ethereum is displaying some strength comparatively and appears to have more chances of a rebound. 

The above chart shows no major change during the past weekend as the ETH price has faced minor losses. The bulls are trying hard to keep up the trade above $2500 which has kept the hopes for a bullish reversal in check for a short while. Although the volume has drained to a large extent, the buyers appear to have largely dominated. Therefore, a rebound may be fast approaching but if the price rises over $2682, then the fear of excessive drain could be eliminated. 

The MACD is bullish, as it is close to undergoing a bullish crossover. With this, a potential raise in the Ethereum (ETH) price may be validated, which could lift the levels back above $3000.