Bitcoin Struggles Below $42K Amidst Bearish Trends, Ethereum Exhibits Drops

• The leading cryptocurrency, Bitcoin sees resistance under $42K, hinting at a potential bearish trend in the digital asset market.
• Ethereum follows the market's downward trajectory, with key support and resistance levels at $2,400 and $2,500, respectively.
• Binance Coin (BNB) stands out with slight gains, contrasting the overall market's bearish sentiment, indicating resilience.

The cryptocurrency market is experiencing a noticeable downturn, with its total capitalization currently standing at approximately $1.65 trillion. Bitcoin, the flagship digital currency, is particularly impacted, trading at around $41,400. This marks a struggle for Bitcoin as it attempts to stabilize itself below the crucial $42,000 threshold.

ICO Drops, a platform that provides a simple and visually appealing Initial Coin Offering (ICO) and Initial Exchange Offering (IEO) calendar, shared a tweet post providing insights on the current market performance:

In its previous trading session, Bitcoin faced a significant hurdle at the $43,000 resistance level. It entered a correction phase, oscillating between $41,300 and $42,000 in the past week, with bears dominating the market. Bitcoin's price is pegged at $41,390, reflecting a modest loss of 2%. Despite this downturn, Bitcoin remains dominant, accounting for 49% of the total market share. The Fear & Greed Index, a measure of market sentiment, currently stands at a neutral 51.

Read full article at CryptoTale.