The cryptocurrency market’s volatility has cooled down, but the prices are yet to recover to previous highs. In the last 24 hours, Bitcoin has dropped by nearly 1%, trading at $16,586 at the time of writing.
Bitcoin price analysis
Bitcoin is bearish today, and it has made a slight decline over the past day. In the last 24 hours, BTC has reported trading volumes of $25.99 billion, trading between $16,417 and $16,752, showing dropping volatility.
Since the FTX crisis, Bitcoin has struggled to push past the $17,000 level. The price currently holds support at $16,400, while the major resistance stands at $16,800. If Bitcoin can break past this level, it could likely test the $17k level in the short term.
The broader cryptocurrency market is still bearish, with the total market cap at $862 billion at the time of writing. Therefore, BTC has weak support and could fail to rally higher. If it fails to hold the $16,400 support, a dip below $16k will likely be on the way.
The Relative Strength Index (RSI) for Bitcoin is currently at 57, showing a little bit of buying pressure, indicating that some traders could be buying the dip. However, bears are still looming and seeking to take control. If the buying support increases, BTC could rally higher.
El Salvador’s President & Justin Sun to buy one BTC every day
While the price of Bitcoin is failing, interest in the coin remains notably high. El Salvador, which adopted Bitcoin as a legal tender last year, will buy one BTC daily. This is according to a tweet by the country’s president, Nayib Bukele.
The founder of Tron, Justin Sun, has also said that he would support the initiative by Bukele, adding that the Tron DAO would also be buying one BTC every day starting November 18.
— H.E. Justin Sun (@justinsuntron) November 17, 2022
Three altcoin alternatives to buy
Bitcoin’s price has not shown much action this week as the volatility continues to drop. Investors looking for price action should check Dash 2 Trade, RobotEra, and Calvaria.
Dash 2 Trade
The dropping volatility after a period of price swings has made the crypto market quite unpredictable. Crypto signals tools can come in handy during such periods, and one of the most reliable crypto trading signals platforms, Dash 2 Trade, will be released during the first quarter of 2023.
The Dash 2 Trade presale has raised more than $6.4 million in funding. The presale is in stage 3, where 1 D2T is priced at $0.0513. The price will increase to $0.0533 during the fourth stage.
Crypto traders are also checking out the TARO presale. The presale started barely a week ago, and the growing interest has seen it raise more than $100,000. In the first stage, 1 TARO is priced at $0.02, and the price will rise to $0.025 in the second stage.
TARO is the token powering the RobotEra ecosystem. This is a metaverse gaming platform where players can acquire resources, create robots, and use their imagination to develop the multiverse.
Investors looking to diversify into crypto games are also buying the Calvaria presale. Calvaria has carved a unique niche in blockchain gaming by allowing players that do not have experience in crypto to participate in the game.
The RIA presale is close to ending the fourth out of the total ten stages. The presale has raised $1.79 million so far. The fourth stage will end after $2.1 million is raised.
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