Bitcoin and crypto in the red after strong volatility

Bitcoin (BTC) and most of the crypto market are down slightly compared to yesterday. Yesterday evening Bitcoin did its best to start the new week off well. We take a look at the price action and discuss the important levels to watch. Additionally, there are several notable data points on the economic agenda today, which will also be discussed in this Morning Update.

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Bitcoin price is facing resistance

As usual, Bitcoin saw little price fluctuation over the weekend. Like a magnet, BTC price remained in a tight range around $37,750. However, around midday yesterday, the cloudy price action ended and Bitcoin started falling out of nowhere. A low of under $37,200 was reached in the early evening.

Bitcoin price CoinMarketCapBitcoin price CoinMarketCap
The Bitcoin price for the last 24 hours. – Source: CoinMarketCap

Bitcoin then shot up within a few hours and reached a high of almost $37,800. The $37,800 and $38,000 levels are strong resistance levels that Bitcoin is having a lot of trouble with. Last Friday, Bitcoin briefly rose above this level and reached a new annual high of around $38,400.

If a lower bottom is in sight for Bitcoin, the level between $36,900 and $36,600 could offer salvation.

At the time of writing, the BTC price on the Bybit crypto exchange is $37,298. On the Dutch crypto exchange Bitvavo, the BTC price in euros is 34,104.

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XRP, Solana and Cardano Fall; Dogecoin is rising

Almost every major cryptocurrency is following Bitcoin’s decline. For example, Ripple (XRP) fell 1.91%, Solana (SOL) fell 2.45%, and Cardano (ADA) fell 1.93%. No major declines are observed among the top 15 cryptocurrencies.

Dogecoin (DOGE), on the other hand, is swimming in the opposite direction as it is the only major altcoin to rise significantly. Dogecoin is 2.51 percent higher than 24 hours ago.

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Bitcoin Today: Building permits and new home sales in the US

There are two important publications on the agenda for today. First, the building permits from the USA will be announced at 2 p.m. A total of 1.487 million is expected, compared to 1.473 million last month.

The New Home Sales from the USA will then be published at 4:00 p.m. The expectation is 721,000, last month it was 759,000.

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