Author: After the gains registered during the weekend, most cryptocurrencies are retracing today. Bitcoin declined from its weekly top of $10,560 to $10,350, while Ethereum lost 4.5% of its value to $370.
Bitcoin Rejected At $10,560
During the weekend, Bitcoin broke above the resistance at $10,500. BTC topped at $10,560 yesterday, but it couldn’t maintain its position above that level and quickly fell.
As such, the primary cryptocurrency bottomed at $10,220 just a few hours later. It has recovered some value since then and currently sits at around $10,350.
In case BTC continues falling, it can rely on the short-term support levels at $10,200, $10,170, and the psychological $10,000. Alternatively, if it decisively overcomes the $10,500 resistance, the next obstacles lie at $10,700 and $11,000.
According to the data analytics company Santiment, Bitcoin’s daily active addresses have taken a step back during the weekend. The company, which has previously connected the DAA’s performance with the asset’s price, believes that this development has forecasted BTC’s drop.
Alts Retrace, BNB Surpasses LINK
The altcoin market also saw some impressive gains over the weekend, but it’s mostly in the red today. Ethereum surged on Saturday and was nearing $400. However, instead of challenging that coveted level, ETH has retraced by over 4.5% and is down below $370.
The top ten tokens see another rotation. Binance Coin, which has been among the best performers in the past week, continues its climb. Despite being 4% down since yesterday, BNB’s total market cap now makes it the 6th largest cryptocurrency.
The rest of the top 10 coins are retracing as well, including Polkadot, Bitcoin Cash, Litecoin, and so forth.
Double-digit losses are evident from several lower-cap alts. IOST (-20%), THORChain (-16%), NXM (-14.5%), Ocean Protocol (-14%), Blockstack (-13%), SushiSwap (-12.5%), Synthetix Network (-12%), Swipe (-11%), Compound (-10.5%), and Aave (-10%) lose the most substantial chunks of value.
Although a few coins are in the green, such as Flexacoin (22%), Waves (8%), and OKB (5%), the total market cap has lost $10 billion since yesterday’s peak.
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
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.