Despite the efforts made by the bulls, they are not able to boost the prices of major cryptocurrencies such as Bitcoin, Ethereum, Binance Coin, and more. The bulls are trying hard to push the prices for the major cryptocurrencies but to no avail.
For now, it seems that the negative predictions made by the analysts surrounding major cryptocurrencies are coming become a reality. This is the reason why the major cryptocurrencies are still experiencing price drops.
Among the major cryptocurrencies is the largest cryptocurrency “Bitcoin – BTC”. The data surrounding BTC shows that in the past 24-hours, BTC’s price has experienced a 0.48% drop. This has resulted in dragging down the price of BTC below the $49k mark. At the time of writing, Bitcoin’s price is revolving at $48,703.72. The trading volume for Bitcoin in the past 24-hours has soared by 8.34%, coming up to $23,552,551,178. The current trading volume surge suggests that the bears are selling BTC even when there is a minor surge.
This may not prove as a positive sign for the bulls that have been trying hard to push BTC’s price higher through buying. Still, the sentiments of the investors are not in the positive zone, as bears are currently the shot-callers for Bitcoin. It is being expected that the price of BTC may fall below the $45k figure in the upcoming days.
Ethereum (ETH) has also experienced a minor price dip since yesterday, as it has experienced a 0.11% drop in its price. ETH’s price is currently below the $4k price, coming all the way down to $3,993.03 per ETH. When it comes to trading volume, in the past 24-hours, it has surged by 4.20%, coming up to $15,645,601,754. The ongoing surge in the trading volume for ETH shows that the bears are in-charge even when it comes to running a trend for Ethereum. They have triggered a low-level selling in order to drag ETH’s price below the $4k price.
From the looks of it, the bears seem to be running the show but bulls are also aiming to fight off the bears in order to sustain the pressure. They are aiming to keep ETH’s price in the upward direction. Still, the RSI for ETH is in the negative zone, suggesting that ETH may land at a price of $3,700.12 per ETH.
Binance Coin (BNB) is next in line having experienced 2.50% dive in its price in the past 24-hours. Following the dip, BNB’s price has come down to $550.04 per. Despite having demonstrated high growth from the start of 2021, BNB has been impacted by the Chinese crackdown on the overall crypto-sector in the country. Despite the downfall, BNB’s trend seems to be in the neutral zone. The performance graph for BNB suggests that it may either grow in the upward direction or the downward direction.