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The primary cryptocurrency had a rather positive week, which saw a new all-time high on some exchanges. However, BTCâs inability to break above the coveted $20,000 price tag drove the asset down to $18,100 just minutes after the second attempt to break $20K.
The cryptocurrency recovered most losses and jumped to $19,500 in the following days. In the past 24 hours, BTC stalled around that level. The bears took control and drove the asset towards the intraday low of about $18,500, where lies a critical support area. Nevertheless, bitcoin has bounced off and current hovers above $19,000.
From a technical viewpoint, BTC needs to overcome the first resistance at $19,700 (the previous 2017 ATH zone) to head for new highs. If successful, the cryptocurrencyâs next obstacles will be at $19,920, $20,350, and $20,970.
Alternatively, the support levels at $18,800, $18,600, and $18,270 could assist if thereâs another retracement.
Altcoins Covered In Red
Most alternative coins have followed Bitcoinâs price developments in the past 24 hours. Ethereum went from a daily high of $620 to a low of $560. Despite recovering over $590, the second-largest cryptocurrency is down by more than 3% on a 24-hour scale.
Ripple has lost 6% of value since yesterday and struggles beneath $0.60. Bitcoin Cash (-5%), Binance Coin (-3.5%), Chainlink (-4.5%), Polkadot (-4%), Cardano (-3%), and Litecoin (-5.5%) are also in the red from the top ten coins.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Stellar has lost the most value in the past 24 hours with an 8% decrease. Thus, XLM has erased the gains marked last week after the project announced two major network upgrades.
MaidSafeCoin is next with a 7% decline, threatening MAIDâs position in the top 100 coins. Kyber Network (-6%), Dash (-5%), Verge (-5%), and Cosmos (-5%) follow.
In contrast, NEM is the most impressive gainer, with an 8% increase since yesterday. On a weekly scale, XEM has added over 40% to its value. Bitcoin SV has also jumped by about 8% and trades north of $180.
Disclaimer
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.