Crypto Market Today-Bitcoin(BTC) is Plunging, Will the Price Hit the Threshold at $25,300?

The crypto market is falling down-Bitcoin price continues to drop as the selling pressure intensifies. The global market capitalization also was hard hit which has plunged by nearly a percent, marking the levels around $1.12 trillion. While the second largest token, Ethereum also dropped below $1800, indicating a 1.16% plunge in the past 24 hours. Meanwhile, the other altcoins also witnessed a marginal drop, leading the entire crypto space under an acute bearish trend. 

Bitcoin May Remain Bearish 

The BTC price, after gaining some momentum, has begun to plunge hard and has been losing crucial support levels for the past few days. Hence, the token now appears to have come under acute bearish influence, due to which the price rally may remain restricted to a large extent. Moreover, the price just slipped below the rising trend line, and if a breakdown is confirmed, it may eventually reach the lower support in no time. 

Besides, the MACD, which displays the accumulation of buying or selling pressure, continues to flash bullish signals. It is expected to undergo a bullish crossover in the next few hours, and hence a strong rebound is believed to trigger the BTC price very soon. Alongside, the ADX is trying to maintain a healthy upswing, and if validated, the price may receive the required boosts to propel towards the interim resistance. 

Some Altcoins Display Some Strength

While the BTC price remains largely stagnant, the price of some of the altcoins has displayed acute bullish momentum. Altcoins like Axie Infinity (AXS) surged by 6.20%, trading at $7.17, while Decentraland’s (MANA) price jumped by 6.36% and is trading at $0.5022 at the moment. Besides, Optimism (OP) soared by 5.53%, with a value of around $1.70 after marking intraday highs of $1.766. 

However, the whole attention remained on the top altcoin, XRP, which was followed by the latest update on the Ripple vs. SEC case. The court dismissed the SEC’s plea to seal Hinman’s speech documents that flashed extremely bullish signals. The price marked intraday highs above $0.46 with a jump of more than 6%. However, it is experiencing a slight pullback at the moment that may be reversed any time after the bearish trend fades a little.