The $30,000 and $2,000 price levels have acted as barriers for the king of cryptocurrencies and the king of altcoins. Traders, thus, turned to stablecoins in light of the hurdles faced by BTC and ETH.
. It’s as if they’ve recognized the need for a more stable haven amidst the choppy waters of the crypto market.We can observe an interesting pattern by looking at the daily timeframe chart for. After breaking into the $30,000 price range, BTC’s progress hit a roadblock at $31,000. It’s been struggling to surpass this level entirely. Moreover, since it dropped below $30,000, the $30,000 to $31,000 range became a psychological barrier, hindering its upward movement.
As of this writing, Bitcoin was trading at approximately $29,460, showing a minor uptick of less than 1%. However, its recent price trend could have been more impressive, as evidenced by its position below its short Moving Average ., we find a similar story. The $2,000 price range became a psychological hurdle for the altcoin. It has approached this level multiple times in recent weeks yet struggled to maintain it.
As of this writing, ETH’s price was around $1,862. Unlike BTC, it was currently trending above its short Moving Average, though it relied heavily on it for support.In both cases, these key price ranges prove significant challenges for the assets. Stablecoins sharks and whales are closely watching to see if they can break through these barriers and regain their positive momentum., traders were placing their bets on a potential price rise for BTC and ETH.
This positive funding rate suggested that the overall sentiment among traders was optimistic, as they anticipate BTC and ETH to overcome their current resistance levels.
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