Bitcoin price needs a boost to big pullback, Ethereum recovered more than 7%, XRP struggling below $ 0.3000
Bitcoin price dropped to a new weekly low of $ 9,483 before recovering to $ 9,779 at press time. Although BTC has returned above $ 9,700, it still trades below a few key hurdles ($ 9,950 and $ 10,000).
Bitcoin price faces significant barriers
Yesterday, there was an extension of the bitcoin price drop below the support level of $ 9,600 against the US Dollar. The BTC price even skyrocketed below the $ 9,500 level and stabilized below the 100-hour simple moving average. Finally, the price traded to a new weekly low of $ 9,483 before beginning an upward correction. It has recovered above $ 9,500 and $ 9,600 to start the current wave of recovery.
More importantly, there was a break above an essential descending channel with resistance near $ 9,730 on the hourly chart of the BTC / USD pair. Besides, the Bitcoin price has risen above the Fib 23.6% retracement of the move from a high of $ 10,400 to a low of $ 9,483.
The price is currently showing some positive signs above the $ 9,700 area, and it may continue to recover. However, there are a few significant hurdles on the upside near $ 9,940 and $ 10,000.
The Fib 50% retracement of the move down from a high of $ 10,400 to a low of $ 9,483 is close to $ 9,940 to act as the first significant resistance. The primary strength is near $ 10,000, as it is close to the 100-hour simple moving average. Therefore, a successful break above $ 9,940 and then a subsequent move above $ 10,000 is necessary to start a new uptrend and innovation. In the case mentioned, the price might retest the resistance zone of $ 10,500.
- What happens if the bulls fail?
It is most likely the Bitcoin bulls grappling near $ 9,940 and $ 10,000. If they fail to gain strength above $ 10,000, the price may continue to fall. On the other hand, the first support is seen near the $ 9,600 and $ 9,500 level. Any further losses could open the door for a more significant downside correction for $ 9,000.
Altcoin markets turn green
Ethereum has recovered more than 8%, but Ripple is still struggling below the $ 0.3000 level. The second-largest cryptocurrency in the market is Ether, currently at $ 267. This number one altcoin saw a slight increase during synchronization with Bitcoin, recording an increase of about 7% at press time. This altcoin has had the same increase as Bitcoin over the past seven days, up to 20%.
The third-ranked cryptocurrency, XRP, is no exception in today’s uptrend. XRP is currently trading at $ 0.29, up 3% at the time of writing. Over the past seven days, the price of XRP has increased by 6%. It seems that Ripple news with the ambition to become Amazon in the crypto industry, along with a series of other collaborative news recently, has pushed the price of this coin up.
Most of the top 20 cryptocurrencies are showing signs of a slight recovery. In particular, Bitcoin SV (BSV) is the leading name, up more than 16% on the day. Followed by Neo and Dash (DASH), the increase is about 7.25% and 6.46%, respectively. On the contrary, before news of Binance Cloud’s launch, the BNB still only increased slightly by 2% during the day.
Total crypto market capitalization is currently at $ 286 billion. In particular, the Bitcoin Dominance Index is reaching 62.2%.
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