Bitcoin drops to $27,800 while XRP and Solana increase by 4%

On Wednesday, the cryptocurrency markets saw uneven trade. Trading was up for XRP, Solana, and Litecoin and down for Bitcoin, Ethereum, and BNB. Ethereum (ETH) was barely above the $1,900 mark while Bitcoin (BTC) dropped 0.71% to $27,805 in price. BTC volume was roughly $12.73 billion, down 20.53% from the previous day. The price of bitcoin began to rise steadily above the US$28,000 resistance level. However, it has since dropped more than 1% and is now selling at around US$27,700. BTC's next resistance level at US$28,500 might be reached if an upward break above US$28,000 occurs. BTC's price may continue to fall towards US$27,580 if it fails to surpass the US$28,000 mark. 8.05% of the 24-hour volume of the whole crypto market, or $2.24 billion, is now being traded in DeFi. All stablecoin volume is currently $25.50 billion, or 91.76% of the 24-hour volume of the whole crypto market. The market capitalization of all cryptocurrencies was down about $1.16 trillion, dropping 0.43% in the previous day. The largest cryptocurrency in the world by market cap, Bitcoin, was valued at over $539 billion. According to CoinMarketCap, the dominance of Bitcoin is currently 46.54%, down 0.16% from the previous day. "Bitcoin's current market price is about $28,000, and the 50-day exponential moving average is at $27,700, pointing to an overbought market. Investors may engage in short selling in anticipation of a decline to $27,500 and possibly even lower to $27,000 if Bitcoin fails to break above $28,300. To hit the initial resistance level at $29,000 and maybe $29,450, investors may consider taking long positions if Bitcoin breaks above $28,300 and closes above it. Bitcoin | $27,805 Ethereum | $1,902 Tether | $1.00 BNB | $312 XRP | $0.5003 Cardano | $0.3811 Dogecoin | $0.07268 Polygon | $0.9067 Solana | $20.84 Litecoin | $91.41 Polkadot | $5.47 Tron | $0.07637 Shiba Inu | $0.000008694 (Note: Price change in last 24 hours)