Bitcoin and Ethereum Consolidate, CEL Accelerates
Bitcoin price is still fluctuating below the USD 23,000 level. It is currently (12:00 PM UTC) trading near USD 22,950 and is down almost 2% in a day and up 8% in a week.
Similarly, most major altcoins are trading in a range. ETH traded close to the USD 1,550 support. XRP is trying to climb toward USD 0.38. ADA declined below the USD 0.50 support zone.
Total market capitalization
After a close below USD 24,000, bitcoin price extended its decline and traded below USD 23,000. BTC managed to stay above the USD 22,500 support and neared USD 23,000 again. If the bulls fail to push the price higher, a close below the USD 22,500 support could accelerate losses.
On the upside, an immediate resistance is near the USD 23,200 level. The next major resistance could be USD 23,500, above which the price could start a steady increase in the near term.
"Since the next [US Federal Reserve meeting] is in September, we are likely to see increased volatility in the coming month as speculators take their chances. That being said, we remain confident that bidding BTC under USD 20,000 is likely to be a decent entry in the long-term. We continue to look for signs of conclusive breakouts and would be comfortable taking entries during steep drops in the coming months," Joe DiPasquale, CEO of crypto fund manager BitBull Capital, said in an emailed comment.
Ethereum price settled below the USD 1,650 support to move into a short-term bearish zone. The bulls were active above the main USD 1,550 support and pushed the price towards USD 1,600 again. ETH is still down almost 5% in a day and up 10% in a week. However, any more losses below USD 1,550 may increase selling pressure and the price could even test USD 1,400.
On the upside, the price might face
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