Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Bitcoin (BTC) Drops Below $60,000, Ethereum (ETH) Says Goodbye to $3,000, Solana (SOL) Strength Disappears: Is Bull Market Over?

Published 04/18/2024, 08:30 PM
Updated 04/19/2024, 01:30 AM
© Reuters Bitcoin (BTC) Drops Below $60,000, Ethereum (ETH) Says Goodbye to $3,000, Solana (SOL) Strength Disappears: Is Bull Market Over?

U.Today - The Bitcoin roller coaster has taken another dive, breaking below the $60,000 mark and unsettling the market. This recent dip sees the cryptocurrency dipping its toes into the $58,000 territory, the least-expected move by the market. The fall through what many considered a solid support level at $60,000 is causing some panic.

This unsettling movement could have been seen as a dark cloud, but there is a silver lining that has the crypto faithful watching the calendar: the Bitcoin halving. Slated for around April 20, this event is historically known for shaking up the market in unexpected ways. The halving could tighten supply and potentially swing the pendulum back in favor of higher prices.

BTC/USDT Chart by TradingViewLooking at the charts with a magnifying glass, we can see that Bitcoin's next support test lies at $58,572, just a stone's throw from where it is currently. If it fails to hold this line, the descent might continue toward the $50,319 area, where the next safety net lies.

But let's not write off Bitcoin just yet. If it can rally back and crack through the $60,000 ceiling again, it might just push back to its recent comfort zone. The first sign of recovery will be reclaiming ground above this critical level, with eyes then set on the $68,789 marker — a formidable resistance that could block the path to its previous highs.

Ethereum's farewell

Ethereum's slide below $3,000 is more than just a number — it is a signal. It tells us that the confidence that was pushing prices up is shaky. The drop has been steep enough to make even the staunchest supporters a bit nervous about what's coming next.

We have spotted some levels that could tell us where things might head. Right now, Ethereum is testing the waters below the $3,000 line. If it does not climb back up soon, the next floor might be around the $2,800 mark, a point that could offer some resistance to the fall. On the chance that Ethereum finds its feet again, watch out for the $3,200 ceiling — it is the next battle to win for recovery hopes.

There is a real chance that ETH could keep dropping, especially if it does not get back above $3,000 quickly. But with the halving in play, it is too early to count it out. A surge of inflows to the market might change the situation in favor of bulls quicker than anticipated.

Solana remains suppressed

Solana, the cryptocurrency that has been on many investors' watchlists, is showing signs of strain. After a period of growth, SOL has slipped through what was a strong support level at around $130, and now folks are worried. If prices keep heading south and pass below the $100 mark, it could spell real trouble.

Key indicators that many traders look to for signs of healing, like RSI and moving averages, have been breached. Currently, Solana struggles to find a proper footing for the price.

The situation looks tense. With the support at $130 now a thing of the past, the next checkpoint is at $100.

Yet, not all hope is lost. There is still a chance for a turnaround. Growth could be around the corner if Solana manages to rally and break through resistance levels, particularly around $150, which could act as a ladder to climb back up from its current position.

The future of Solana is not set in stone. If it finds strength and pushes above these resistance levels, it might just regain its previous momentum. But if it continues to fall, the drop below $100 could be a hard reality check for the coin and its investors.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.