Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
BTC/USD characterized by a lack of momentum as a curious pump of Ether becomes the market standout.
Tuesday, Sept. 17 — Bitcoin (BTC) stayed flat as another day of motionless trading saw the largest cryptocurrency hover at about $10,200.
Market visualization. Source: Coin360
BTC slowly erodes support above $10,000
Data from Coin360 showed sideways price action as the order of the day for Bitcoin, which remained between $10,100 and $10,320.
As Cointelegraph reported, a longer period of low volatility saw only a brief interruption on Monday, when BTC/USD suddenly shed about $200. A subsequent rebound to previous levels slowly faded, leading to rates of $10,175 at the time of publication.
The overall change for Bitcoin stood at 1.3% on the day, while weekly performance was also flat at 0.6% depreciation.
Bitcoin seven-day price chart. Source: Coin360
Commentators had previously eyed the potential for a shake-up during the week, but this had yet to begin as traders continued to wait for cues.
“Bitcoin continues to face a lot of selling pressure despite a bullish surge late on Monday. The bulls need to take charge and ensure defend $10K or there is a wider risk of downside in the short term,” regular Cointelegraph contributor Filb Filb said in private comments on Wednesday.
He suggested the 20-week moving average (WMA) constituted the psychological barrier that protected Bitcoin from a more intense breakdown:
“Prices below 10k, in particular, $9,800 where the 20 WMA lies would risk a bigger selloff. A close above $10,500 would be considered bullish and a break from the descending resistance.”
ETH/USD steals the altcoin show
On altcoin markets, a similar lack of momentum also prevailed. The exception to the trend was Ether (ETH), which continued its bullish move to circle closer to $200.
The largest altcoin by market cap has gained 10% over the past three days, outpacing the remaining top 20 coins by market cap.
Ether seven-day price chart. Source: Coin360
At the same time, Tron (TRX) and XRP both gained about 2% in Tuesday trading.
The overall cryptocurrency market cap stood at $265 billion, with Bitcoin making up 69.1% of the total.
Keep track of top crypto markets in real time hereDisclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.