Bitcoin (BTC) worth has fallen additional dropping about $300 in lower than one hour on Sunday, Feb. 16, although paring some losses since with a bounce from $9,600 to $9,790 at press time.
Crypto market 1-day worth chart. Supply: Coin360
Dangerous weekend for Bitcoin worth bulls
Most different cryptocurrencies fared a lot worse, nevertheless, as evidenced by Bitcoin’s market dominance rising one p.c from yesterday to 63.2%.
The unhealthy weekend for the bulls started on Saturday after losing the $10,000 level. As we speak, BTC/USD tumbled additional and bounced off a key resistance stage at round $9,600, which additionally occurs to be the 20-day shifting common or 20-MA.
So what’s subsequent for Bitcoin? The $9,850 stage must be reclaimed, in accordance with common Cointelegraph Markets analyst filbfilb, as a way to keep away from dropping additional to $9.4-$9.5K and $8.8K help areas.
BTC/USD 1-day chart. Supply: Tradingview
Value noting is that the weekend drop has left a so-called Bitcoin futures “gap” at $10,495, the worth at which CME BTC futures buying and selling closed on Friday. As Cointelegraph reported quite a few occasions earlier than, the phenomenon of those gaps being crammed upon resumption of buying and selling — sometimes inside a number of days — has not gone unnoticed.
In the meantime, the Fear and Greed Index has dropped from 64 to 59, which nonetheless implies that the market sentiment is at the moment “greed” and suggesting that the multi-week rally above $10,300 is due for a correction.
Altcoins crimson throughout the board
Bitcoin’s 40% gains year up to now have seen many altcoins posting ever greater positive factors. Nonetheless, the alternative seems to even be true because the losses for altcoins are usually greater as effectively.
Ether (ETH) is down nearly 6% up to now 24 hours, whereas EOS, XRP and Bitcoin SV (BSV) noticed heavier losses with -9.13%, 7.83% and 11.93%, respectively. Tezos (XTZ) is down 5.8% and Tone (TRX) tumbled by nearly 10%.
One notable exception, nevertheless, is Chainlink (LINK), probably the greatest performing cryptocurrencies in 2020. LINK has dropped barely however has already recovered and now up 6% on the day, in accordance with knowledge from Coin360.
“Properly, we get the retracement,” commented common Cointelegraph Markets contributor Michaël van de Poppe. He continued:
“Retracement is harsh on a few of these altcoins, however it’s additionally offering alternatives. Doubt we’ll see $9,400 although.”
At press time, Bitcoin’s market dominance stands at 63.2% with the cryptocurrency market capitalization dropping over 2% on the day to $282 billion.
