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Doge, XRP, ADA take price hit while Bitcoin technicals show lack of buyer interest Doge, XRP, ADA take price hit while Bitcoin technicals show lack of buyer interest
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Doge, XRP, ADA take price hit while Bitcoin technicals show lack of buyer interest

Bitcoin continues to range in a narrow price band while several large-cap altcoins fell by high single-digit percentages.

Doge, XRP, ADA take price hit while Bitcoin technicals show lack of buyer interest

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

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The largest cryptocurrency by market cap continued its downtrend this week, fueled by both poor technicals and increasingly neutral sentiment for the crypto market as a whole.

Bitcoin price continued to fall during the Wednesday session as traders anticipate a bearish few days ahead. The price range continues to be stuck in the $30,000 and $35,000 range.

CryptoQuant, a popular on-chain data analysis tool for Bitcoin, reported that โ€œLow Demand at Supportโ€ continues to exist and would spell further downside for digital gold.

โ€œIf stablecoin inflows continue to be low, it is very likely that the price will test the lower supports of the range,โ€ the team wrote in a post.ย 

On the technical side, โ€œIncomeSharks,โ€ an anonymous yet popular cryptocurrency trader, suggested that there might be more downside to the price in the coming days as many indicators look bearish.

Several large-cap altcoins like Dogecoin (-6.5%), Polkadot (-6.3%), and Solana (-5.9%) took price hits as Bitcoin fell to the $30,000 price zone last night. The move, as such, coincided with lower liquidity on popular crypto exchanges,ย 

So whatโ€™s next for Bitcoin?

ย Bitcoin price seems to be moving in the downward channel with the support of the channel being in the $30,200 range. However, currently, BTC is holding below the weekly support of $32,800.

Image: BTC/USD via TradingView.

A continued sell-off is possible and it is very likely that the price might revisit last nightโ€™s $30,000 range.

The Bollinger Bands (a popular price indicator used by the traders to determine the market trend) seem to be squeezing tighter onto the price which indicates a big move is certain, but the direction is yet to be determined as the market continues to trade in a range (Bitcoin has been hovering between $30,000-$35,000 since the past few weeks).

Volume in the past few days also seems to have become โ€œflatโ€ indicating a lack of buyer interest.

Whatโ€™s next for ETH?

Ethereum also turned bearish as the price closed below the 20MA and now is testing the $1,850 support. As of now, the support looks strong and there is a favorable chance that it should hold these levels.

Image: ETH/USD via TradingView.

The volume on ETH also seems to be โ€œflatโ€ now showing a lack of buyer interest at these levelsย ย 

On the shorter time frame, $2,060 is a likely rejection area as the 4hr 20MA might act as resistance. However, a close above $1,962 should be a good daily price close for the worldโ€™s second-largest cryptocurrency.

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