The uptrend in the crypto markets cooled off after a $25 billion rise in a short while. The sellers seems to have rejected another attempt earlier today as BTC price logged high at $8865. However, it soon followed with a $200 correction.
The price of Bitcoin [BTC] at 2: 45 hours UTC on 16th January 2020 is $8660.
The bull run in crypto market began with BTC’s break above $8000. Some of the altcoins logged higher gains than Bitcoin with BSV leading the hysteria.
Nevertheless, the overall dominance of Bitcoin reduced from 68% to 66% after the recent bull run. It is trading 1.3% lower on a daily scale. Moreover, altcoins lost value w.r.t BTC as well, dropping even lower.
Here are the Support and Resistance for Top 3
Bitcoin [BTC] price is in strong bullish trend on the shorter time-frames.
Nevertheless, the price seems to be facing resistance above $8,800. It attempted another bullish attempt towards $9000. The current support levels for invalidation of the bull run are $8450-$8500 and $8200.
The 200-Day Moving Average is at $9073 at the moment.
Ethereum [ETH] rose more than 25% since the beginning of the year at $130. The price is currently facing resistance around $160 with support at $146-$152 and $136.
According to derivatives and crypto trader, TraderCZ, there is a strong upside around $275 above current levels.
The support for XRP are at 0.22 and 0.2, while the bullish resistance is at $0.265. Moreover, the alts are currently due forming higher lows in the charts. This is characteristic of a bull run in any asset.
As for rankings w.r.t. total market-cap, the flipping between Bitcoin Cash and Bitcoin SV has been restored. However, Tether has dropped 2 places, below BCH and BSV.
As the weekly close comes near, with CME closing tomorrow, the volatility in the market is expected to remain high. Escobar, a crypto derivatives trader, tweeted,
Pullback or sell off mode. Next 48 hours are huge for Crypto markets big picture
Do you think Bitcoin will break above $9000 soon or the bulls are weak? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com