Crypto Price Today: Bitcoin Price Below $30K, Ethereum Price Sustains Above $1900

Key Takeaways

• After holding for quite a long time, the Bitcoin price dropped below $30,000, displaying possibilities of reclaiming the lost position
• Besides, Ethereum and major altcoins are manifesting significant strength as they hold slightly above their major support
• The current market conditions do not appear to be completely in the bear’s favor, as the bulls are attempting to strengthen their existence

CRYPTO MARKET TODAY AT A GLANCE

The crypto markets remain on the edge of a steep downfall after the Bitcoin price dropped below $30,000. The drop emphasized that the bulls are getting weaker and weaker day by day as the support levels are dropping consistently. Hence, the market trend continues to remain neutral but is largely under a bearish influence. The global crypto market cap dropped below $1.2 trillion multiple times during the previous trading day but managed to recover above $1.21 trillion. Alongside this, a marginal drop in trading volume has also been recorded in the past 24 hours. 

The Bitcoin price has dived below $30,000, a couple of times in the past few hours, raising the possibility of a bearish pullback. However, Ethereum, which has also plunged below $1900, managed to regain the lost positions, flashing the possibility of a bearish breakdown. Besides, XRP & Cardano among the top 10 have surged by 6.97% and 2.84%, respectively, while the rest all remain under bearish influence. Additionally, Stellar (XLM) also accompanies XRP in the top gainers with a 7.67% jump in the past 24 hours. 

*As of 19-July-2023, 08:10 am

Bitcoin Price Struggles to Sustain Above $30,000

Source: Tradingview

• The Bitcoin price has been trading with the pre-defined parallel channel for quite some time and testing the upper and lower bands of the channel frequently
• The bears tried hard to breakdown the channel during the last trading day, but the bulls held the support strong and triggered a rebound
• Although the price flashes the possibility of a bearish reversal, the bulls are expected to hold the price above the base
• Besides, the RSI is rising, which indicates the prices will gain momentum and rise beyond the average bands at $30,500 soon.

Additional Read: Bitcoin Price Prediction

Ethereum Price Displays Strength, Records Minimal Loss

Source: Tradingview

• Being a little different from the Bitcoin price, the Ethereum price manifests enormous strength and the possibility of rising above $1940 soon
• The latest drop has dragged the price below the ascending trend line, which has been acting as a major support line since the second half of June
• Despite the bearish pressure, the price flipped after testing the 200-day EMA at $1883 and is currently testing the 50-day MA at $1916.46
• A clear breach through these levels may trigger a fine upswing above the trend line, raising the possibility of reaching $2000 before the end of the month

Read More: Ethereum Price Prediction

Latest Updates of the Crypto Market

• Venture capital firm, Coinfund raises $152 million to boost AI-start ups that develop infrastructure around crypto, enabling more decentralization
• After the ruling in the Ripple vs SEC lawsuit was produced in favor of the company, crypto investment products witnessed a massive inflow of funds of around $137 million, indicating a rise in investors’ confidence
• Ethereum co-founder, Vitalik Buterin, said at the Ethereum community conference in Paris that the developers are working to simplify the working of the crypto wallet to make it as easy as handling an email account.

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