After Bitcoin (BTC) descended from trading above $ 68,000, it has fallen to below $ 57,000, as the entire crypto market is currently experiencing difficulties.
In addition to Bitcoin (BTC), Ethereum and the majority of the top 100 cryptocurrencies have recorded double-digit slumps in the last week. Ethereum, for example, has slipped from a trade above $4,800 to a value below $4,200.
Major Bitcoin (BTC) Price Levels
After Bitcoin fell below $ 60,000, all eyes were on the support of $ 58,000. However, this could not stop Bitcoin in its fall. The coin even slipped below the support level of $ 57,000.
At its current price ($ 56,422.63), the focus is on the initial support at $ 56,200 and the resistance mark at $ 57,000.
If the price falls below the level of $ 56,200, investors may be looking for a decline towards $ 55,500 or $ 55,000.
On the other hand, if the BTC price rises above $57,000, investors could consider a short-term increase to $58,000 or $58,500.
Important price levels of Ethereum (ETH)
When the Ethereum price began to decline, all the players focused on the support at $ 4,350, but Ether ignored it when it took a nosedive and even slipped below the $4,200 support.
At its current price of $ 4,133.00, attention is now on the initial support at $ 4,000, and the resistance level at $ 4,250.
If the ETH price dips above the $4,000 support, investors could be set for a long bearish ride towards $3,700.
On the other hand, if the price rises to above $4,250, investors could envisage the resistance level at $4,350.
Altcoins that have increased in value
While the majority of altcoins were in decline, some Metaverse, NFTs and DeFi tokens such as SAND, AVAX, AMP, EGLD, Crypto.com Coin, MANA, ENJ and GALA have seen a double-digit increase in the last seven days.
In the last week, GALA has increased by 208%, The Sandbox (SAND) has increased by 108%, Crypto.com Coin has increased by 84%, Elrond (EGLD) has increased by 77%, Avalanche (AVAX) has increased by 47%, Decentraland (MANA) has increased by 37%, Enjin Coin (ENJ) has increased by 31% and AMP has increased by 20%.