Sadly, Bitcoin did not make the EMA benchmark at $52,000; instead has settled below-average spot and settled at $50,000. The circumstance has impacted many coins negatively, such as Ethereum, which has fallen from $4,000 to pay at the $3,900 level.
The panic has spread over the cryptocurrencies market. Other coins affected are Solana which has fallen under the $200 level to pay at $187.50, giving the coin the 20 EMA spot. The sudden liquidation of assets to the $50,000 level by bitcoin has impacted negatively on coins like Binance Coin, Cardano, XRP, Terra, and Avalanche.
Where Is Ripple Headed?
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Bullish crypto traders worldwide are the only ones affected by the current situation. Other sectors such as the S&P are experiencing the highest trade-in their business, and gold has maintained a stable price of $1800-$1815 in the market. The US dollar has also remained on a steady scale of currencies. This has left only the crypto traders in this pothole.
A Strong Obstacle On The Way Up For Bitcoin
There was an optimistic approach for bitcoin investors as they hoped the coin would rise again. Sadly, bitcoin remains below the 20 EMA, not reaching the required 50 EMA, which is set to have a significant amount of $50,000 level. This $50,000 mark was the hope of the coin to rise and gain momentum in the crypto market.
Bitcoin will continue to decline if it fails to reach the 20 EMA spot. The coin will decrease to $48,000 as the last stop or quill further declines to $47,000, kicking bitcoin out of the top-notch markets. Its continued decline will land its price at $46,200, and another fall will push bitcoin to $45,500.
However, bitcoin is predicted to settle above $50,000 to grow and compete in the market. For Bitcoin to compete fully and grow on stable momentum, the coins need to pass the 50 EMA of $52,000. The recent activities encountered on the network create an opportunity for the coin to increase enormously to get through to the next level, which is $53,500. Further, Bitcoin can shift to the upper level at $55,500 to withstand the test.