Weekly Crypto Market Analysis with Geco.one 06.12.2021
Bitcoin’s price fell spectacularly on Friday Night. In just 37 minutes between 5:50 and 6:27 am, the BTC price has dropped over $ 10,000 and is also dragging down the vast majority of altcoins. Such a significant depreciation meant that at one point, you had to pay less than $ 42,000 for one Bitcoin, which was the lowest value since September this year.
Let us remind you that on November 10 this year, the BTC price was $ 69,000. It means that in just 24 days, the Bitcoin price dropped by over $ 27,000, which is 39 %.
Although a large part of this sell-off was made up during Saturday’s trading, we are seeing a decline again at the beginning of the new week. If this trend continues, we could expect to re-test the technical support of $ 45,000 in the near future.
We have recently seen noticeable declines also on the Ethereum quotations. Unlike BTC, the price of this cryptocurrency has still not dropped below technical support. Even so, it seems like beating $ 3900 is only a matter of time. If that happened, the price of ETH could drop further to as much as $ 3,610 as a consequence.
The current situation on Litecoin — the price has recently dropped below the technical support of $ 190 and below. The next one is in the region of $ 164, which is also pro-decline. All this means that we could expect to re-test the $ 140 region in the near future. If, however, this support is also defeated, then one should be prepared for the possibility of further depreciation of the LTC even to the level of $ 105.
The current situation on the Cardano quotes is also pro-declining. The exchange rate of this cryptocurrency has recently dropped below the technical support of $ 1.50, which may open the way for further depreciation to the area of the next support, which in this particular case is only around the round level of $ 1.