Cryptocurrency Prices Continue to Struggle Thanks to Bitcoin's Failure to Gather the Required Momentum

Cryptocurrency Prices Continue to Struggle Thanks to Bitcoin’s Failure to Gather the Required Momentum

Yesterday, the Bitcoin price was recovering higher against the USD and altcoins followed Bitcoin’s lead. Before the end of the trading day, however, the cryptocurrency started recovering lower. Today, Bitcoin has started trading in the red again and is stuck in the same bearish range it has been stuck in for several weeks.

Bitcoin Price Analysis Today

At the time of writing, the price of Bitcoin was $19,347.79. The world’s largest cryptocurrency by market capitalization was trading down by 0.75% against the USD. While Bitcoin was able to reach a high of $20,109.85 earlier today, It eventually started moving lower until it hit the 24-hour low of $19,265.66, where it gained some momentum.

Over the last 30 days, Bitcoin has faced significant resistance at the $20,000 level. Even when the Bitcoin price has managed to move as high as $22,000, the bears swiftly retake control and drag the token down. Bitcoin isn’t struggling along. Altcoins are also mostly bearish against the USD.

Bitcoin, Ethereum, and XRP are All Trading in the Red

At the time of writing, the price of Ethereum was $1,324.07. It was down by 0.45% against the USD. The 24-hour high was at $1,368.74 and the low was at $1,320.38. This means that the token is trading at a relatively steady pace. The Ethereum price must rise above the key resistance at $1,368.74 if it is to attempt higher highs anytime soon.

On the other hand, the XRP token is trading at $0.4734, down by 1.31% against the USD. XRP has managed to maintain most of the gains it accumulated over the last two weeks. It is trading in the $0.4696 to $0.496 range. If the token continues to maintain relatively bullish momentum, it will retest the $0.55 level again.

Bitcoin’s struggle against the USD isn’t new. It is an extension of the bearish correction that started shortly after the price of Bitcoin reached a new all-time high in 2021.

Ronald Henderson

Ronald has worked in the computer industry for 5 years when he decided to stand on his own and start his own firm, and he's never looked back. A real hard-worker and go-getter, he is a powerful leader and has made quite a name for himself in the industry. Born and raised in Pennsylvania, he still resides there with his wife and two kids, Mark and Gene. He believes that simplicity is the key to everything in life, including writing, and loves to make his content engaging and easy to understand for all audiences - even those who aren’t necessarily from a technical background.