PriceWhat is the main resistance that bitcoin price stuck on?
Not only XRP and ETH, but almost all altcoins have recently been severely affected by the movements of the leading cryptocurrency Bitcoin (BTC) . Bitcoin's 1% drop causes altcoins to decline by approximately 5% and everyone is looking to Bitcoin for the continuation of the altcoin rally.
Critical Point For Bitcoin Price
The leading cryptocurrency has managed to rise again each time, even though it has repeatedly descended below the $ 19,000 zone. The critical resistance points in front of the bitcoin price seem to be closing the road to $ 20,000, at least for now. A well-known crypto money analyst stated what resistance should be passed in order for Bitcoin to return to the days when it will break a record again.
Breaking this resistance could also start the altcoin rally, according to the analyst's statement. Cryptocurrency analyst Cantering Clark stated that consolidation and declines will continue until the BTC price breaks above the $ 19,400 level and closes here. Looking at the chart published by the analyst, it is seen that the price could not really hold at $ 19,400 and returned from here.
$ 19,400 Could Start A Rally For Altcoins
It is seen that there was a significant decrease in the price of altcoins when Bitcoin touched to $ 19,400 and fell from here. In fact, every cryptocurrency is currently tied to Bitcoin, and neither the $ 1 target of XRP investors nor the $ 800 target of ETH investors may be realized unless BTC can break this point.
Bitcoin price recently rose above $ 19,400 and closed here. As can be expected and seen from the chart, the break of the $ 19,400 level brought a sharp rise in the continuation. The BTC / USD pair climbed to $ 19,800 and broke the all-time record in this rise.
XRP and ETH May Refresh The Record
It is known that the price of XRP also saw $ 0.77 when BTC rose. While XRP saw $ 0.77, ETH investors also sold at $ 660 on some exchanges. In other words, BTC's breaking the all-time record gave the leading altcoins an annual record chance. However, this rally did not last as long as thought and BTC / USD suddenly fell below $ 18,000.
In the current bull rally, drops of 20% like this are known to be quite commonplace. Declines of 30% and 40% were seen before. Bitcoin price , on the other hand, managed to come back to its previous level after each decline.
