Bitcoin Bulls Fail to Clear $21,000 While Dogecoin Drops in Value After Weekend Surge

The global crypto market cap witnessed a drop of 0.99 percent in the last 24 hours

Written by Shomik Sen Bhattacharjee, Edited by Siddharth Suvarna | Updated: 31 October 2022 11:55 IST

Bitcoin Bulls Fail to Clear $21,000 While Dogecoin Drops in Value After Weekend Surge

Photo Credit: Pixabay/ MichaelWuensch

Bitcoin whales who bought around one month ago have continued to hold strong

Highlights

Bitcoin has risen by 5 percent in value over the past week
Ether is currently well clear above the $1,500 mark
DOGE wiped a big chunk of its gains made after Musk's Twitter buyout

Bitcoin price continues to remain under the $21,000 (roughly Rs. 17.3 lakh) price mark as the bulls have lost force over the weekend after a strong surge in buying pressure over the past week. As things stand, the value of Bitcoin is down by more than 1 percent in the last 24 hours with its price now around the $20,500 (roughly Rs. 16.89 lakh) mark across global exchanges while Indian exchanges like CoinDCX value BTC at $21,616 (roughly Rs. 17.81 lakh), 0.15 percent higher than where its value stood at the beginning of Sunday.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $20,502 (roughly Rs. 16.9 lakh) while CoinGecko data shows that BTC's value now sits 5 percent higher than where it stood last Monday — suggesting that October will likely end on a high for BTC despite an overall lull in price movement over the past few weeks.

Ether, the largest smart contracts token, witnessed a bit of a plunge in momentum alongside BTC over Sunday after a healthy surge of over 5 percent on Saturday. Ether is currently down by roughly 2.2 percent over the past 24 hours across global exchanges. Meanwhile, on Indian exchanges, ETH is valued at $1,665 (roughly Rs. 1.37 lakh) where values are down by 0.62 percent over the past day.

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Gadgets 360's cryptocurrency price tracker reveals that most major altcoins lost value over the last 24 hours alongside Ether with the global crypto market capitalisation numbers also dipping by just under 1 percent through Sunday and early Monday.

Cardano, Solana, Polygon, Uniswap, BNB, TRON, and Monero recorded minor losses. Meanwhile, Avalanche, Cosmos, Chainlink, and Polkadot managed to cling on to some gains to show for.

In the meme coins section, Dogecoin gave up most of its gains made after the announcement by Elon Musk and was hence trading with losses. Its rival Shiba Inu (SHIB), however, was the top loser among all cryptos today morning. Dogecoin is currently valued at $0.12 (roughly Rs. 10.4) after dropping by more than 8.5 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000012 (roughly Rs. 0.001003), down 8.68 percent over the past day.

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"Bitcoin traded at the $19,000 (roughly Rs. 15.66 lakh) level for most of the past week and gained momentum over the weekend as bulls returned to the market. BTC has constantly tested the $19,000 level before rising above the $20,000 (roughly Rs. 16.5 lakh) level. If BTC can trade sideways this week, bulls may lose further and thereby BTC may drop to the nearest support line. If demand grows slightly today, we might soon see BTC retesting the $21,000 (roughly Rs. 17.32 lakh) level. If bulls lose momentum, BTC might go down to $20,300 (roughly Rs. 16.73 lakh) and then to $19,600 (roughly Rs. 16.16 lakh)," analyses Edul Patel, CEO and co-founder of crypto investment firm Mudrex speaking to Gadgets 360.

"Similarly, Ether also traded above $1,500 (roughly Rs. 1.23 lakh) over the weekend. If ETH can maintain the gains, we can see it reaching its next resistance at the $1,600 (roughly Rs. 1.31 lakh) mark. If bears cannot seize the initiative, the rise might continue this week, leading to a test of the $1,700 (roughly Rs. 1.4 lakh) zone," explains Patel.

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Cryptocurrency Prices across Indian exchanges

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