Bitcoin Retreats after Hitting $38,000 on Crypto Selloffs
The price of Bitcoin has fallen 3% over the past 24 hours to $36,250, retreating from its recent high near $38,000, which marks the largest digital asset’s highest level since cryptos plunged into a brutal bear market in May 2022.
Bitcoin has rallied by more than 30% in a matter of weeks, snapping out of a multi-month period of subdued crypto trading, but has met persistent resistance at the $38,000 level.
Despite delays to the most hotly anticipated crypto catalyst all year, traders remain firmly bullish on Bitcoin’s momentum and see more gains ahead.
Ether — the second-largest crypto — fell 4% to below $1,970. Smaller tokens or altcoins were also lower, with Cardano down 7% and Polygon plunging 9%. Memecoins were more mixed, with Dogecoin up 3% and Shiba Inu shedding 2%.
The price of the Ripple-affiliated XRP coin demonstrated a 5.11% decline since Thursday as it dropped from the $0.65098 level and is now changing hands at $0.61576.
This week has been rough for XRP as it first plunged more than 12% on Monday after a BlackRock fund manager dismissed scam rumours about it filing for an XRP-based ETF.
Then another 10% drop came on Tuesday as the case with the fraudulent XRP ETF filing was transferred to the U.S. Department of Justice.
This case with a fake XRP ETF filing became a target for memes which, these days, is a likely sign that demand for such an exchange-traded fund would perhaps be quite high among investors and traders.
The price of Cardano (ADA) has increased swiftly since October 19. It moved above $0.40 yesterday for the first time since April.
The ADA price fell slightly afterwards but still traded above the $0.35 support area. Will it begin another increase?
The ADA weekly timeframe technical analysis shows that ADA has traded between $0.25 and $0.40 since November 2022.
While ADA fell below this area in June, it reclaimed it after creating a long lower wick (green icon). Such wicks are considered signs of buying pressure.
The ADA price created a higher low inside the area in October and accelerated its rate of increase afterwards. This week, the Cardano price reached a high of $0.41, slightly below the yearly high of $0.46. The ensuing decrease validated the $0.40 area as resistance.