Bitcoin Struggles to Break Past the $19K Level as Bulls Sweat
The Bitcoin price is struggling to hold above $19,000 as the selling pressure continues to build. That has caused market sentiment to turn negative. The last 24 hours have been very negative for the cryptocurrency. Bitcoin is currently trading at $19,043 down 0.3% from its previous day and 4% from its previous week. The other major cryptocurrencies, such as Ethereum and Cardano, also struggle with bullish momentum. Although the market is still holding its gains, the bullish momentum in these two could be fading.
BTC Must Reclaim These Levels
The price of Bitcoin has been struggling to replicate its recent bullish move, triggered by the emergence of a significant support area of around $19,000. Although many expected a bounce off the previous highs to form support, the price has continued to test this support zone, making it weaker to hold off selling orders.
Justin Bennett, a crypto analyst, noted that the Bitcoin price could hold its critical support zone during the selling pressure that resulted from yesterday’s events. The cryptocurrency was in a tight range throughout the day, but bears were able to win the round and push it down.
Since June 2022, Bitcoin has been bouncing back from its lows. During that period, the market was going through a period of consolidation. It had also been experiencing a steep decline.
Despite the bulls’ efforts to defend Bitcoin’s current levels, the cryptocurrency still has a critical support zone of around $19,000. According to Bennett, Bitcoin must reclaim this region to avoid further losses. He noted that the price could be around $17,600, which is the midpoint of the support line. Bitcoin bulls need to reclaim this level to reach the highs of $20,500 and $21,400, respectively, the two previous highs.
Despite the positive developments in the market, Bitcoin still has a long way to go to reach its next resistance level of around $19,000. It could become resistant if the bulls fail to push the price above this level.
NEAR Price Could Drop To $3
The NEAR token was launched in October 2020 and has experienced various difficulties during its short life. Due to the current market situation, many analysts believe that the token will be in a bear market soon. The coin tried to escape negativity by trading near the $3.75 support line this week.
According to data collected by Coingecko, the coin attempted to break out from its previous low of $4.16 and rallied to $4.51. It is a bullish indication that suggests a potential return to the $4.44 resistance.
NEAR token has broken out from a long-term declining trend following the formation of a bullish pattern. If it continues to sell, it will fall 7% to the $3.75 support level. The recent high of $4.51 has also caused the token’s price to plummet by almost 90%. The sudden increase in trading volume can be attributed to the sudden liquidation between the prices of $4.02 and $4.18.
Despite the current market situation, the near-term outlook for the coin is still positive. If the price of the NEAR token can recover from the $3.75 support level, it could lead to a potential bounce back to the high of $4.44.
Filecoin (FIL) in Bearish Clutch
Since FIL went through its all-time low on June 18, the bulls are eyeing the $5 level. A break above $7.35 would be a good sign. However, a sustained break below that would invalidate the bullish momentum.
The FIL stopped the spike in the selling activity. That allowed the coin to bounce back and make a successful comeback. The bears still held it back.
Notably, the plunge below the 20 and 50 EMAs has triggered a bullish invalidation of the coin’s recent price action. However, it seems that the altcoin is facing some resistance at the five-week moving average. A negative crossover of the EMAs suggests that the selling pressure is still strong.
The 20 and 50 EMAs have acted as a slow-moving channel for Filecoin (FIL), which suggests that the altcoin could be in for more selling pressure in the coming sessions. If it can’t hold on to the $5 level, the altcoin could decline further.
