Cryptocurrency Market December 6, 2021: On Saturday, Bitcoin price began a sharp drop of over $ 52,000. BTC lost over $ 10,000 before recouping its losses. At 04:41 UTC, BTC is consolidating the losses, with a major hurdle close to $ 50,000.
Also, most of the major altcoins trade below the important support level. ETH fell below $ 3,550 before bouncing back above $ 4,000. XRP has fallen below the $ 0.850 support area. The ADA stayed below $ 1.40 and was unchanged for a day.
Cryptocurrency Market December 6, 2021: Bitcoin Price
Bitcoin price collapsed after a significant break below $ 52,000. It fell below $ 50,000 and $ 45,000. It was even trading at nearly $ 40,000 before the cops took a stand. There has been a strong rally above the $ 45,000 and $ 48,000 levels. On the downside, the price is encountering resistance near the $ 49,200 mark. The first major resistance is near the $ 50,000 mark, above which the price could begin a steady rise.
If it continues to decline, the price could find support at $ 47,000. The next big support is near the $ 45,500 mark, below which the bears can test $ 40,000.
Cryptocurrency Market December 6, 2021: ADA, BNB, SOL, SHIB and XRP prices
Cardano (ADA) plunged below $ 1.55 and $ 1.50. It is currently trading below $ 1.40 and could fall further to $ 1.32. The next big support is at $ 1.25.
Binance Coin (BNB) has fallen below the USD 585 support. It even broke the USD 550 support and it looks like the bears may be aiming for further downward movement. The next major support is at $ 532.
Solana (SOL) leveled off below the $ 200 support. It even climbed below the USD 185 support. SOL is currently consolidating and could attempt another move above the USD 200 resistance area.
SHIB is struggling to hold above $ 0.000035. If there is a downside break below $ 0.000035 the price could usher in another sharp drop. When this happens, the price may fall towards the $ 0.000032 support level.
The XRP price fell below the $ 0.850 and $ 0.800 support levels. It is currently consolidating near $ 0.800 and could continue to decline. The next big support could be at $ 0.745.
Cryptocurrency market December 6, 2021: Ethereum price
Ethereum price also followed a similar pattern as it broke the $ 4,050 and $ 4,000 support levels. ETH tested the USD 3,550 support area before being able to make up for the losses. It is currently consolidating above the $ 4,000 level and is currently facing resistance near $ 4,250. The first major resistance is now forming near $ 4,320.
On the other hand, the price can hold over $ 4,050. The main breakout support is now forming near the $ 4,000 mark.
Cryptocurrency Market December 6, 2021: Another Altcoin Market
Many altcoins are down more than 8%, including HNT, IMX, ATOM, FTM, QTUM, SAND, FLOW, LUNA, CELO, IOTX, MANA, and ENJ. Of those, HNT is down 14% and is trading below $ 31. In contrast, CAKE, BAT and ALGO rose by 7% -10%. ALGO hit $ 1.80 and is now up nearly 6% in a week as well. While BAT is trading near $ 1.20, it is down 26% in a week.
Overall, Bitcoin price is struggling to bounce back above the $ 50,000 mark. If BTC continues to struggle, it could hit another dip below $ 48,000.
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