Cryptocurrency market December 2nd, 2021: Bitcoin and Ethereum decline

Cryptocurrency market December 2, 2021: After the Bitcoin price hit the USD 59,000 level, it failed to rise any further and fell below USD 56,000. At 04:19 UTC, BTC tries to rebound towards USD 56,500.

Also, most of the big altcoins try to make up for the losses. ETH is down 5% and has broken below the $ 4,550 support area. XRP is currently trading below the $ 1.00 pivot level. ADA is trading below $ 1.55.

Cryptocurrency Market December 2, 2021: Bitcoin Price

After the Bitcoin price fell below $ 57,500, it prolonged its decline. BTC traded below the support levels of $ 56,500 and $ 55,500. Price is currently recovering and trading above $ 56,400. On further losses, the price can move towards USD 53,500. The next big support is near the $ 52,000 mark.

On the downside, the price is encountering resistance near the $ 56,500 mark. The first major resistance is near the $ 57,200 mark, above which a retest of $ 58,000 is possible.

Cryptocurrency Market December 2, 2021: Ethereum Price

The Ethereum price failed to break the USD 4,800 resistance and began another decline. ETH is down 5% and has broken the USD 4,550 support. Any further losses could move the price towards the USD 4,350 support area.

If it rises again, the price can test the $ 4,550 level. The first major resistance is now forming near the $ 4,620 mark.

Cryptocurrency Market December 2, 2021: ADA, BNB, SOL, SHIB and XRP prices

Cardano (ADA) is turning down from the $ 1.60 resistance level. It traded below $ 1.52 before rising again. A break below $ 1.50 can trigger a move towards $ 1.45.

Binance Coin (BNB) has cut profits and is currently trading near $ 615. A break below $ 600 can fall into the support area of ​​$ 580.

Solana (SOL) is still up more than 4% and is trading above $ 220. Immediate resistance is at $ 225, above which a rally to $ 240 is possible. Any further gains could push the price towards $ 250.

SHIB extended its decline below $ 0.000042 and is now down nearly 7% in one day. It even tested the $ 0.000040 level. If there is a downside break below the $ 0.000040 level, a decline towards the $ 0.000035 support level is possible.

The XRP price is falling and trading below the $ 1.00 level. Immediate support is near the $ 0.950 level below which the price could test $ 0.92. On the flip side, the $ 1.00 level is a major obstacle for the bulls.

Cryptocurrency Market December 2, 2021: Another Altcoin Market

Many altcoins are down more than 6%, including STX, ZEN, SHIB, QTUM, BAT, RUNE, CRV, SAND, AAVE, CAKE, WAXP, and LRC. Of these, the STX is down 12% and is trading below $ 2.70. Meanwhile, MATIC broke the $ 2.10 mark after gaining nearly 12%, while LUNA was up nearly 13% and is close to hitting the $ 65 mark.

Overall, Bitcoin price is trying to bounce back from its losses, but if the bulls fail to defend $ 55,500, a fall to the support level of $ 52,000 is possible.

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