Bitcoin and Ethereum Suffers Price Rejection as Crypto Market Sees Rebound

Bitcoin Fall and Recovery: What the Future Holds

Bitcoin took the hardest plunge as Elon Musk’s criticisms and China’s ban stirred market bears to sell-off. In the past 7 days, BTC traded at a high of $43,546.12 to a low of $30,681.50. The cryptocurrency has recorded a bit of balancing after Musk revealed he had a meeting with North American miners with respect to the embrace of green energy mining options for the crypto space. At present, BTC is changing hands at $36837.8, down 2.28% in the past 24 hours according to the CEX.IO price feed.

Bitcoin’s downward price trend is exhibiting a high level of volatility with a notable rejection at the $40,000 price level. Should the buy-up around the current price range be intensified, we will see the price shoot beyond $40,000 in the short term as the hurdle to reclaim the ATH price in the long term will be intensified.

Ethereum Struggling to Maintain Support at $2,400

Ethereum got its fair share of the woes suffered by Bitcoin, however, it is currently trading in a recovery zone at a price of $2427.24 with a gain of 3.02% in the trailing 24 hours.

Ethereum’s ambition is to break the $2,800 resistance point and to return its short-term Moving Average back to its bullish trend. Should Ethereum break this point, a surge that will launch the price above $3,000 may be recorded.

Konstantin Anissimov, Executive Director at CEX.IO