The Bitcoin price took a downturn at the beginning of trading today, falling below the key support at $20,026.64. The cryptocurrency appears to be having major struggles gathering momentum to reach the $25,000 level. As the Bitcoin price took a deep dive, altcoins followed the same trading pattern and fell against the USD.
Bitcoin Price Analysis Today
At the time of writing, the Bitcoin price was $19,502.65. It was down by 2.42% against the USD. Within the last 24 hours, the price of Bitcoin has fallen as low as $19,395.79 and risen as high as $20,026.64. The trading volume over the last 24 hours is $27,192,391,650.
Despite the bearish trend today, Bitcoin is trading in the green for over seven days. It has increased from the $19,345.50 level to the $20,400.00 level. Unfortunately, Bitcoin is stuck in a relatively low trading range. If the bulls are to return, the foremost cryptocurrency per market capitalization must rise to the key resistance at $25,000.
Altcoins Follow Bitcoin’s Lead
As usual, the Bitcoin price pattern is similar to the pattern of other altcoins in the industry. Ethereum, the second largest cryptocurrency per market capitalization is trading at $1,328.45. The token is down by 2.09% against the USD and trading in the $1,321.75 to $1,357.08 range.
The BNB Coin is trading at $280.88. The token is down by 1.32% against the USD. Over the last 24 hours, BNB Coin has fallen to $280.19 and risen to $284.68 which is a small trading range. The BNB Coin isn’t doing too well according to the seven-day trading chart. However, it is still holding its position as the fifth largest cryptocurrency per market capitalization with a market capitalization of $45.37 billion.
The Bitcoin price may move higher before the end of trading today. In this case, other cryptocurrencies may follow their trading pattern. Ethereum, on the other hand, may struggle to rise below its current levels.