After failing to reclaim the $9,300 mark yesterday, Bitcoin’s price went on a negative spiral down to $8,950 on some exchanges.
As it typically happens, most alternative coins followed the adverse move and have charted losses in the past 24 hours.
Bitcoin Dips Below $9k
As reported yesterday, the primary cryptocurrency made an indecisive attempt to reconquer the $9,300 level. Although it failed, the asset managed to hover around $9,200.
In just a few hourly candles, however, BTC went on a sharp move downwards and lost $300. Thus, Bitcoin registered its daily bottom at below $8,950 on Bitstamp.
Quickly after dipping below the psychological level of $9,000, Bitcoin recovered. Its price increased to about $9,100 – a level sustained at the time of this writing as well.
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From a technical perspective, Bitcoin is currently situated between two significant support and resistance levels. The strong resistance at $9,260 that it tested prior to the sharp decline is the 50-EMA. The $8,950 mark to which BTC plunged yesterday, on the other hand, is the 500-EMA support level.
It’s also worth noting that while Bitcoin lost some of its value yesterday, it also decoupled from most stock market indexes. Contrary to BTC, the Dow Jones, Nasdaq, and the S&P 500 firstly charted increases of between 1-2% before retracing to the opening levels.
Most large-cap altcoins generally follow their leader, and something similar has occurred during the past 24 hours. The second-largest cryptocurrency by market cap, Ethereum, lost about 3.5% of its value at one point by plunging from $231 to $223 in a matter of hours. It has recovered to $227 since then, but it’s still in the red.
Ripple (XRP) also went down from $0.177 to $0.172. Out of the first 15 coins by market cap, Binance Coin (BNB), and Tezos (XTZ) registered the most substantial price decreases. In the past 24 hours, BNB went down by 2.5% in total to $15.40, while XTZ lost 2% of its value and is now trading at $2.32.
Nevertheless, there are some exceptions in the altcoin market charting green. LINK, for instance, is up by 1.5% to $4,83 after receiving positive news from the popular cryptocurrency exchange Huobi that it will integrate its price data with Chainlink’s ecosystem.
From the top 25 digital assets, the one that stands out the most is VeChain. VET is up by 7.5% and has risen above the psychological level of $0.01.
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Cryptocurrency charts by TradingView.