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.