The price of Bitcoin (BTC) is currently experiencing a dip as its price has dived by 1.57% in the past 24-hours. Following the dip, BTC’s price is now at $46,443.71. Surprisingly, BTC has managed to make a recovery after experiencing a dip going all the way down to $45,601.17 in midday trading.
However, its price has finally made a recovery by 2%, which is somewhat satisfactory for the bulls. Even now, the performance of BTC is currently experiencing a downtrend, as BTC started its month of December at a price of $56,907.97. Compared to the current price, BTC’s price has dipped by 18.38% since the beginning of December.
The performance chart for BTC by TradingView and CoinMarketCap shows that in the upcoming days, the price of BTC may not be able to recover. Currently, there is a rise in the trading volume for BTC by 21.48%. It means that the bears are now selling BTC just when its price has recovered from $45k to $46k.
As of now, the bears are stronger than the bulls, which is why they are able to drag the price of BTC even lower.
The data from TradingView suggests that in the upcoming days, the bears may intensify sales. This may result in another dip bringing BTC’s price below the $45k figure, which is currently the strong support price for BTC.
Despite the recovery from $45k to $46k, the bears have demonstrated that they are in power. They may launch another major selling for BTC and may pull its price close to the $40k per BTC figure.
While Ethereum was demonstrating a better and bullish outcome compared to Bitcoin initially, it is now experiencing a dip. The situation for Ethereum is now coming close to exactly what BTC is facing at the moment.
The data shows that the price of ETH has come all the way down to $3838.61 per ETH, following a 1.91% dip. This means that the bulls are no longer providing ETH with the same support they were providing a week back. The running week is also bringing in pressure from the bears’ end towards ETH and the bulls may not be able to keep up with them for a long time.
Given the current situation of the overall crypto market, the investors won’t be able to offer many positive sentiments to ETH at the moment. For now, the general condition of the crypto-market is bearish, and it would lead to ETH incurring a loss in the short run.
For now, the trading volume for ETH is up by 27.69%, which means that the bears have already started playing their role. For ETH, the strong support benchmark is $3,700 per ETH, and if bears manage to drag it below that point, ETH may drop all the way down to $3.3k per ETH.