This weekend was rather exciting for Bitcoin’s price as it finally made a decision and broke out of a rather tight trading range. Unfortunately, it was to the downside, and BTC touched $8,816 on Binance Futures yesterday.
Most of the large-cap cryptocurrencies followed Bitcoin but are now recovering while BTC continues to fight for the important $9,000 level.
After plunging to about $8,816 on Sunday, Bitcoin’s price rebounded and reached as high as $9,160 on Binance. Since then, however, the buyers have calmed down, and the price continues to battle for establishing control over the $9,000 level. At the time of this writing, Bitcoin is trading at around $9,100.
As CryptoPotato reported yesterday, The $8,900 – $9,000 area is crucial for Bitcoin, and bulls must defend it to prevent potential new monthly lows.
From a technical perspective, the first level of support to the downside is precisely this area, followed by $8,800, which is where the price dipped to. Below that, demand can be expected at around $8,650.
Looking from above, the first significant supply area lies around $9,200, followed by $9,300, which is Thursday’s high.
In any case, it’s worth noting that a close below $9,300 – $9,400 is likely to give preference to the bearish bias.
As seen in the above chart, Bitcoin’s price has been struggling long before yesterday’s drop. BTC started decreasing on June 24th when in a few consecutive red candles, it lost more than $500, destroying freshly renewed hopes of breaching the coveted $10,000 mark.
The majority of the large-cap cryptocurrencies are recovering slightly from yesterday’s price drop.
As seen in the above chart, most of the market is currently in the green, marking increases in the range between 0.5% and 2%.
However, the fourth-largest cryptocurrency, XRP, is struggling heavily. Down about 0.5% in the past 24 hours, it lost massive support at $0.18. Its price dipped to $0.177 yesterday and bounced to $0.179 but failed to reclaim the coveted support and got rejected to where it currently trades at around $0.176. Against Bitcoin, Ripple is also suffering as it’s trading at multi-year lows.
