Bitcoin, the world’s most popular cryptocurrency, faced a temporary dip on Tuesday as its value dropped slightly from $30,500 to $29,300. However, this decline was short-lived, and Bitcoin quickly rebounded, surging back up to the $30,000 mark and recovering from its previous losses.
This is due to the fact that investors are once again feeling optimistic about assets that retain their value, even as concerns about the banking sector have eased somewhat. Despite the recent ups and downs, Bitcoin remains a popular choice among investors who are looking for a secure and reliable way to invest their money.
Ethereum, another popular cryptocurrency, has been making significant gains against Bitcoin since the Shanghai upgrade. The value of ETH has continued to rise, and it recently touched the $2,100 mark, which is an impressive feat.
However, this sudden surge in value also faced some resistance, and Ethereum subsequently pulled back slightly to the $2,095 level.
It’s worth noting that the Shanghai upgrade was seen as a major contributing factor to Ethereum’s recent success. Hence, the upgrade has significantly improved the functionality and efficiency of the Ethereum network, making it more attractive to investors who are looking for a reliable and efficient way to invest in cryptocurrency.
Senator Elizabeth Warren Blames Bitcoin Mining for Rising Energy Prices, Crypto Community Disputes Claims
Senator Elizabeth Warren has blamed Bitcoin mining for causing energy prices to rise in American households. However, the crypto community disagrees, with many disputing the claims.
Bitcoin podcaster Stephan Livera and MicroStrategy founder Michael Saylor both contradicted Warren’s statement, with Saylor explaining how Bitcoin mining can actually help decrease energy bills. Some in the crypto community have tried to bring Elon Musk into the conversation, as he has been active in combating disinformation campaigns.
Thus, this was seen as negative factor that could cap further gains in the BTC prices.
Bitcoin Price
The current Bitcoin price is $30,266, and the 24-hour trading volume is $19 billion. Bitcoin has increased by 2.30% in the previous 24 hours. The BTC/USD pair is trading with a bearish bias and is likely to find immediate support near the $29,200 level.
A bearish break below this $29,200 level has the potential to send BTC/USD prices toward $28,750, and an additional sell-off could push BTC down to the $28,230 level.
On the upside, the BTC/USD pair is likely to face immediate resistance near $29,800, and additional buying may lead BTC toward the $30,600 level.
Ethereum Price
The current price of Ethereum is $2,090, with a 24-hour trading volume of $8.7 billion. In the last 24 hours, Ethereum has lost less than 0.30%. The price of Ethereum began a downward retreat from the $2,120 barrier level. ETH dipped under $2,100, but like Bitcoin, the bulls stayed bullish above $2,045.
Ether is currently trading above the $2,050 mark as well as the 100-hourly SMA. For now, the next resistance is located near $2,115.
On the H1 chart of the ETH/USD pair, a critical contracting triangle with resistance around $2,115 is building. If the ETH/USD pair fails to slice through the $2,125 resistance mark, it may fall.
On the lower side, an immediate support is near the $2,070 level and the 100-hourly simple moving average. The next key support level is about $2,050, below which the price of Ether may fall significantly.
In this case, the price might retest the $2,000 mark. Further losses could drive the price as low as $1,925.
This article was originally published by CryptoNews.
