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The crypto market is under intense pressure as the majority of the coins are struggling to make gains in the past few days. Leading coin Bitcoin has been underwhelming with the coin dropping below $7,000 and just only rebounding in recent days.
Recently Bitcoin made a couple of attempts to move above $7,400 and hit the $7,500 resistance point against the US Dollar. However, BTC failed to gain the momentum needed to hit the mark and remained well below the 100-hour simple moving average.
As a result, the bears took over with the price dropping below the $7,300 support with a slight break below the key $7,200 support levels.
Looking at the current price levels at the time of writing, Bitcoin has suddenly gained $300 in the past hour which sees the coin currently valued at $7540. This rise is surprising as the coin showed no signs of pushing but it could be due to the recent developments in the market.
From the current trend, the bearish momentum could see Bitcoin hold above the $7500 mark however a bearish setback could see the leading coin return to the $7,300 support levels.
Binance Coin Intraday Analysis
Binance coin (BNB) price failed to recover above the $16.00 and $16.20 resistance levels. BNB price declined and was trading near the $15.00 support area. However, in the last hour, Binance has followed the suit of Bitcoin in making a steep spike in value. As at the time of writing, BNB is valued at $15.51 which is a gain of close to 2% on the dollar.
If there is a downside break, the price could continue to move down towards the $15.40 and $15.15 support levels. On the upside, the $16.00 resistance zone is a major hurdle.
Litecoin Intraday Analysis
Litecoin price was declining and it recently traded below the $45.00 and $44.50 support levels. However, just like BNB, LTC followed the lead of Bitcoin in the past hour and currently trades in the green zone. It is currently priced at $46.48 and looks to have gained bullish momentum today.
Looking at the current trend, LTC could make a move to the $50 resistance point in the next 24 hours. However, a downward trend could see its price move down towards $42.00 and $40.00 support levels.