Ethereum

Solana

Bitcoin

Shiba Inu

The Bitcoin price plummeted below the $41,000 mark - as low as $40,500 - to open the week, correcting 2.3% over the past 24 hours. Despite BTC regaining the $41,000 mark since, it continues to display all indications of more potential downside in the coming days.&nbsp;
The rest of the crypto market is mirroring Bitcoin’s bearish stance, with Ethereum momentarily slipping below the $2,130 resistance. Other major large caps and midcaps are also on the cusp of falling below critical demand zones.&nbsp;
For instance, the Solana price has corrected to sub $70 price range, currently trading at the $69.70 mark. Furthermore, XRP has also dipped to the 50-cent range, currently hovering at around $0.59.&nbsp;
Meme coins are also feeling the bearish undercurrents of the broader crypto market, with both Dogecoin and Shiba Inu plummeting more than 5% over the past 24 hours. In fact, $SHIB has added a zero to its price, falling below the $0.00001 point to current exchange hands at $0.0000099.&nbsp;
Owing to the bleak outlook of the major cryptocurrencies, investors are flocking to smaller tokens that could outperform the rest of the market in short-term, hoping for a Bonk-like price action. Consequently, tokens such as <a href="https://shrt.care/f24415e8?referrer=why-is-crypto-price-down-today-bitcoin-ethereum-confirm-bearish-breakdown-while-xrp-and-solana-prices-also-dip" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Minetrix</a> are experiencing a surge in demand.&nbsp;
<h2 id="strong-3-crucial-crypto-prices-to-watch-strong">3 Crucial Crypto Prices To Watch</h2>
The direction of the cryptocurrency market this week will decide whether crypto prices will continue their bullish trajectory to end the year or if there will be a significant cooldown. Here are the crucial crypto prices to watch this week:&nbsp;
<h3 id="strong-could-bitcoin-bounce-back-above-the-20-day-simple-moving-average-strong">Could Bitcoin Bounce Back Above The 20-Day Simple Moving Average?</h3>
Throughout Bitcoin’s bull rally since October, the 20-Day Simple Moving Average has been the most crucial support level. Typically, BTC has experienced a significant rebound every time it has retested this level.&nbsp;
<img src="https://cdn.thebittimes.com/images/2023/12/18/1702914695.webp" alt="" width="800" height="753">
However, the Bitcoin price finally fell through this critical zone today, which analysts such as @DrProfitCrypto consider to be a major red flag for its short-term price action. The 20-day SMA is currently hovering at $41,700, while BTC is exchanging hands at $41,600.&nbsp;
It is imperative that Bitcoin reclaims this level quickly, considering that a daily or weekly close below it could lead to much steeper correction.&nbsp;
The Bitcoin price is also forming a descending triangle on the hourly chart, with $41,900 and $40,700 emerging as the two crucial levels. A daily close above the former would likely lead to a bullish continuation, while a breakdown below the latter could result in a correction to the $39k mark.&nbsp;
<img src="https://cdn.thebittimes.com/images/2023/12/18/1702914721.webp" alt="" width="800" height="394">
Eventually, the bulls would hope that BTC can bounce back over the <a href="https://x.com/ali_charts/status/1736680326141816895?s=20" target="_blank" rel="noopener noreferrer nofollow">$41,200 to $42,400 range</a>, which would invalidate any bearish fears.&nbsp;
The aforementioned price range is a crucial demand zone, considering 1.87 million addresses purchased over 730,000 BTC tokens in it.
<h3 id="strong-ethereum-needs-to-hold-above-2-130-strong">Ethereum Needs To Hold Above $2,130</h3>
The Ethereum price momentarily traded as low as $2,120. Fortunately for the bulls, ETH immediately reclaimed the $2,130 level, a crucial support for any sustainable bull rally.&nbsp;
<img src="https://cdn.thebittimes.com/images/2023/12/18/1702914744.webp" alt="" width="800" height="397">
However, it is undeniable that ETH has corrected 4% over the past week and any further downside takes the token below the critical level.&nbsp;
Ethereum is also underperforming its 10 and 20 day, simple and exponential moving averages. The second-largest cryptocurrency would need to rally up to the $2250 level to reclaim those levels and resume its bullish trajectory.&nbsp;
On the other hand, the bears would hope to push ETH down to $2,000 price point, considering it is a critical demand zone. Data from IntoTheBlock reveals that 36 million ETH tokens were acquired at this price.&nbsp;
<h3 id="strong-solana-bulls-looking-to-flip-the-75-mark-strong">Solana Bulls Looking To Flip The $75 Mark</h3>
Solana has been one of the most bullish cryptocurrencies this year, appreciating over 600% in 2023, posting the highest gains out of any top 20 cryptocurrency.&nbsp;
However, the large cap altcoin traded as low as $67 today before bouncing back to the $70 mark. Any future bullish continuation entirely depends upon $SOL flipping the $75 resistance into support.&nbsp;
<img src="https://cdn.thebittimes.com/images/2023/12/18/1702914762.webp" alt="" width="800" height="441">
Solana recently broke out of its ascending triangle, which primes it to rally all the way up to $88 mark before the end of the year. However, it requires $SOL to secure a weekly close above the $75 mark.&nbsp;
<h2 id="strong-why-investors-are-flocking-to-bitcoin-minetrix-strong">Why Investors Are Flocking To Bitcoin Minetrix?&nbsp;</h2>
Despite Bitcoin’s short-term turbulence, investors remain confident that the largest cryptocurrency will hit a new all-time high by the end of 2024. The Fed’s dovish stance, along with the impending spot BTC approvals, paves the way for a strong bull rally throughout next year.
Consequently, the Bitcoin mining industry is set to turn extremely profitable. However, retail investors have been unable to enjoy the profits as the space has been monopolized by wealthy corporations, which has resulted in skyrocketing capital investment and technical expertise required to run a successful mining operation.&nbsp;
However, <a href="https://shrt.care/f24415e8?referrer=why-is-crypto-price-down-today-bitcoin-ethereum-confirm-bearish-breakdown-while-xrp-and-solana-prices-also-dip" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Minetrix</a> is attempting to challenge the monopoly of the big-money corporations, by allowing retail investors to cloud mine Bitcoin and earn passive rewards, simply by staking the $BTCMTX token.&nbsp;
<img src="https://cdn.thebittimes.com/images/2023/12/18/1702914786.webp" alt="" width="800" height="455">
Investors can simply purchase the $BTCMTX token and stake them to receive mining credits, which can be burned in exchange for cloud mining time or a percentage of the yields, both options leading to passive BTC rewards.&nbsp;
This tokenized stake-to-mine approach is superior to other cloud mining platforms, thanks to its commitment to transparency. For instance, Minetrix investors are allowed to unstake their tokens and sell them at any point, instead of entering a long-term commitment as required by other legacy platforms.&nbsp;
Minetrix’s utility has caught the attention of investors, considering that the $BTCMTX token has raised close to $5.5 million in its ICO in just over two months.&nbsp;
<a href="https://shrt.care/f24415e8?referrer=why-is-crypto-price-down-today-bitcoin-ethereum-confirm-bearish-breakdown-while-xrp-and-solana-prices-also-dip" target="_blank" rel="noopener noreferrer nofollow">Visit Bitcoin Minetrix Presale</a>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/why-are-crypto-prices-down-today-bitcoin-ethereum-confirm-bearish-breakdown-while-xrp-and-solana-also-dip-tbt74064.html">https://thebittimes.com/why-are-crypto-prices-down-today-bitcoin-ethereum-confirm-bearish-breakdown-while-xrp-and-solana-also-dip-tbt74064.html</a>

Why Are Crypto Prices Down Today? Bitcoin, Ethereum Confirm Bearish Breakdown While XRP and Solana Also Dip

Table of Contents

TheBitTimes

Other articles published on Dec 18, 2023

Crypto New Year heats up as ‘bull market of century’ awaits

Zilliqa Technical Issue: Temporary Pause, SAFU Verification

Coinbase Introduces USD SWIFT Transfers in Singapore for Broader Crypto Onramp

Circle to grow its USDC stablecoin in MENA region

CertiK’s Discord link briefly redirected to fake server with malware, reports say

ChainGPT AI NFT Saturday Spotlight: Winners for 12.16.

Join our free newsletter for daily crypto updates!