- Bitcoin experienced a notable drop in value following the announcement of President Biden’s COVID-19 positive test result.
- Although Bitcoin’s price fell from $64,400 to $63,854 within a day, the actual impact didn’t align precisely with the timing of the news release.
- Investors are now assessing how external news influences the cryptocurrency’s price movements.
Understand the intricacies of Bitcoin’s recent dip and what’s moving the market.
Bitcoin’s Volatility in Response to Major News
Bitcoin saw a sharp decline in value, dropping from $64,400 to $63,854 within 24 hours after President Biden announced his COVID-19 positive test result. This decline occurred shortly after U.S. markets had closed, raising questions about the timing and reasons behind Bitcoin’s reaction to the news. Despite the initial drop, the cryptocurrency maintained relative stability without further significant losses immediately post-announcement.
The Surge of TON Coin in 2024
TON Coin has garnered significant attention in 2024, often discussed alongside other notable altcoins. Its partnerships, particularly with Tether, have bolstered its perceived long-term stability. Despite this, the concentration of a large portion of its supply in a few wallets remains a key concern. The price action for TON Coin has exhibited volatility, with attempts to breach the $7.72 resistance proving unsuccessful. If support at SMA50 ($7.32) fails, a dip to $6.77 might occur, potentially completing a double top formation. A successful breakout above $7.72 could target the $8.29 resistance level.
The Resilience of ADA Coin
ADA Coin has showcased resilience, supported by positive RSI indicators and sustained above key moving averages. The cryptocurrency is poised to retest the $0.51 resistance level. A crucial resistance at $0.45 must be surpassed to break out of the prolonged trading range between $0.32 and $0.45. Maintained support at $0.4 is essential for ADA’s price stability. Successfully breaching the $0.45 resistance may trigger a more significant price movement, liberating the coin from its stagnant range.
AVAX Price Dynamics
Despite Bitcoin’s temporary recovery, AVAX’s momentum has dampened. The cryptocurrency encounters substantial resistance at $29. Should the bullish sentiment prevail, price movements towards $34 and $37 could be anticipated. Critical support at SMA20 ($26.84) is essential to maintain. A breach below this level might see targets of $21.8 and $19, keeping AVAX in a narrow trading band between $21.8 and $29.
Shiba Coin’s Market Behavior
Shiba Coin has long aimed for the $0.000020 threshold, often seeing quick profit-taking at this level. Investors seizing price dips have repeatedly sold at this resistance, impacting upward momentum. Exceeding this crucial resistance could push Shiba Coin towards $0.000026. Monitoring the SMA20 support at $0.000017 is vital for assessing potential price declines.
Conclusion
The cryptocurrency market remains highly reactive to major news events and internal technical indicators. The recent drop in Bitcoin’s price following President Biden’s health announcement exemplifies this sensitivity. Altcoins like TON, ADA, AVAX, and Shiba demonstrate varied responses and critical support and resistance levels that investors should closely monitor. By understanding these influences, traders can make more informed decisions in this volatile market.
