Bitcoin consolidates below $30,000 as market books profits after the last week’s rally

economictimes.indiatimes.com:

Ripple, last week witnessed a rally in the cryptocurrency market. However, the current week has been marked by increased volatility for most cryptocurrencies. Bitcoin began the week on a strong note, maintaining a position well above the $30,200 level. As the week progressed, it experienced a decline, slipping below the crucial threshold from Tuesday onwards. Despite briefly consolidating above the $30,000 level, Bitcoin faced further downward pressure as investor interest shifted towards alternative coins such as Ripple, Cardano, and Solana. These altcoins have demonstrated significant growth over the past week, luring attention away from Bitcoin. At one point during this week, Bitcoin hit its lowest level in a month, reaching $29,500. Currently, BTC is encountering resistance around the $30,000 level while finding support at the $29,600 mark. This tug-of-war between resistance and support levels indicates an ongoing struggle for dominance among bulls and bears. Traders and investors are closely monitoring these developments to better understand the market's direction and potential opportunities. Conversely, Ethereum, the second-largest cryptocurrency, previously trading comfortably above the $1,900 level, also witnessed a drop below that critical threshold. XRP, having achieved an impressive 70% gain in the past week, secured the fourth position with a higher market cap than BNB; however, it too, experienced sell-offs on Friday.

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