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Bitcoin, Ethereum, Dogecoin Continue To Disappoint Amid 'Extreme Fear' — Will These Support Levels Allow Them to Bounce Back?

Bitcoin (CRYPTO: BTC) and other major coins traded in the red at press time as the global cryptocurrency market cap decreased 3.1% to $2.25 trillion. What Happened: The apex coin traded 2.1% lower at $46,720.64 over 24 hours. For the week, BTC has fallen 3...

Benzinga · 12/29/2021 21:17

Bitcoin (CRYPTO: BTC) and other major coins traded in the red at press time as the global cryptocurrency market cap decreased 3.1% to $2.25 trillion.

What Happened: The apex coin traded 2.1% lower at $46,720.64 over 24 hours. For the week, BTC has fallen 3%.

Ethereum (CRYPTO: ETH) was down 3.7% at $3,660.70. Over a seven-day trailing period, it has fallen 6.8%.

Meme cryptocurrency Dogecoin (CRYPTO: DOGE) fell 2.7% at $0.17 over 24 hours. Over a seven-day period, it has fallen 1.9%.

DOGE-rival Shiba Inu (SHIB) was down 3.5% at $0.000034 over 24 hours. Over the last seven days, it has fallen 3.5%.

The top three gainers over 24 hours were THETA (THETA), Kusama (KSM), and Oasis Network (ROSE), according to CoinMarketCap data.

THETA spiked 14.5% to $5.75, KSM was up 11.5% at $326.57, while ROSE gained 10.9% at $0.37 in the period.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Bitcoin continued to be subdued during the year-end holidays. On Wednesday, the apex coin hit an intraday low of $46,616.45.

The Satoshi Nakamoto-created coin continues to be under pressure as options worth billions are set to expire Friday.

“Whilst Bitcoin’s overall trading volumes were consistent, a total of 129,800 options contracts (with the value of just over $6 billion) are set to expire on the 31st December which is believed to be fuelling overall wary sentiment for the short term,” said Adrian Kenny, a senior sales trader at United Kingdom-based digital asset broker GlobalBlock.

"Crypto Fear & Greed Index," a barometer of market sentiment, flashed "Extreme Fear" at press time. The index, maintained by Alternative, signaled "Fear" earlier on Tuesday.

The host of “The Wolf Of All Streets” podcast Scott Melker reacted to the fall in Bitcoin prices on Wednesday on Twitter.

#Bitcoin is down 1.8% in the last 24 hours and reading Twitter you would think that the entire planet was on fire and bitcoin had gone to 0.

— The Wolf Of All Streets (@scottmelker) December 30, 2021

Eight, a consultancy and education platform founded by Amsterdam-based trader Michaël van de Poppe, tweeted that BTC “is now on its way to the green support zone” which exists between $45,500 and $46,500 levels. 

$BTC has made a strong downward move after testing the red resistance zone around ~$52k. It looks like BTC is now on its way to the green support zone, around $45.5-46.5k. This is an important zone for the bulls to hold. pic.twitter.com/OyjH5OZ1VQ

— Eight (@eight_global) December 29, 2021

Ethereum has “flipped into a resistance level,” according to Kenny — after failing to hold on to $4,000. 

“The key area of support now sits at $3,738 and will likely be retested soon,” said the GlobalBlock analyst. 

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