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Bitcoin Consolidation Continues, Crypto Markets On Hold For Now (Market Watch)

Following another unsuccessful attempt to overcome $19,600, bitcoin has calmed and retraced slightly beneath $19,500. Most alternative coins have displayed untypical stagnation, apart from XRP’s continuous decrease.

Bitcoin Swings At $19,600 Again

After dipping to $17,500 on two occasions last week, bitcoin went on a tear during the weekend and recovered all losses. The cryptocurrency continued to increase gradually in the following days but couldn’t break above $19,600 yesterday, as CryptoPotato reported.

The subsequent rejection resulted in threatening BTC’s position above $19,000. Nevertheless, it initiated another leg up in the past 24 hours that drove the asset to an intraday high of $19,570.

As it happened previously, though, the bears didn’t allow any further increases. As of now, BTC trades just beneath $19,500.

From a technical perspective, BTC has broken above the $19,400 resistance. From this point forward, the next obstacles for bitcoin are situated at $19,700, $19,920, and $20,550.

On the other hand, the support lines at $18,800, $18,630, $18,500, and $18,300 could assist in case of a price breakdown.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Stall, Ripple Falls Down

After recovering from last week’s price drops, most alternative coins have failed to continue north. Ethereum has stalled beneath $600, and after a slight decrease in a day, ETH had dipped below $590.

Ripple has suffered the most lately. Following the snapshot for the Spark (FLR) airdrop on Saturday, XRP firstly broke down to $0.55 before doing the same with $0.50. In the past 24 hours, a 6.6% decrease has driven the third-largest cryptocurrency to $0.45.

Binance Coin (-2.2%), Chainlink (-0.4%), Cardano (-1.3%), and Litecoin (-0.5%) have lost some value since yesterday. In contrast, Bitcoin cash (3%) has gained the most from the top 10, followed by Polkadot (2.7%).

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

UMA is the most impressive gainer in the past 24 hours. UMA has surged by over 30% and trades near $10.

Cosmos (6%), Algorand (5%), THORChain (5%), Aragon (5%), Ocean Protocol (5%), and THETA (4.8%) follow.

In contrast, Stellar has dropped by 5%. Energy Web Token (-4%), Yearn.Finance (-3%), and Maker (-3%) are next.


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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

About The Author

Jordan Lyanchev

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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