Bitcoin Stopped At $19,600 While Altcoins Fail to Break Out (Market Watch)

Bitcoin dipped by more than $500 after failing to break above $19,600 a few hours ago. Most altcoins mimicked its moves, with Ethereum taking an unsuccessful swing at $600 before retracing to $580.

Bitcoin Failed At $19,550

After last week’s price drops, where BTC bottomed at $17,500, the cryptocurrency went on a tear and recovered its losses. During the weekend, bitcoin broke above $18,000 and $19,000.

The bulls kept the momentum going in the past 24 hours as well. They drove the primary digital asset to its highest level since early December – $19,550 as it failed to surge above $19,600.

However, bitcoin couldn’t continue north, and the following rejection dumped the asset to $19,100 in minutes. Despite bouncing off, BTC still trades beneath $19,200.

The technical indicators suggest that bitcoin needs to decisively overcome the first resistance at $19,400 before potentially reaching the next one at $19,920. From that point forward, the asset could find itself in the uncharted territory above $20,000.

On the other hand, $18,800, $18,500, and $18,300 are the support lines in case BTC’s retracement continues.

Relatively Steady Altcoins

The alternative coins also had a volatile past several days. They copied bitcoin with massive price drops and fast recovery sessions during the weekend.

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In the past 24 hours, Ethereum initiated an impressive leg up that drove ETH to just shy $600. However, the second-largest digital asset failed to overcome the psychological line and dropped to about $580.

Ripple continued its struggles since the Spark (FLR) airdrop snapshot on Saturday. Despite briefly spiking above $0,50, XRP has retraced and currently sits at $0.49.

Binance Coin and Cardano have gained the most from the top 10. BNB (3.3%) has neared $30, while ADA’s 2.5% increase has taken it to $0.156.

Chainlink and Polkadot have dropped by approximately 1% each to $12.6 and $4.9, respectively.

Lower- and mid-cap altcoins have also displayed unusual stagnation on a 24-hour scale. Decentraland has added the most value – 4.5%. Band Protocol (4%), Algorand (4%), and Compound (3.8%) are next.

In contrast, Status has lost the most (-3%), followed by Verge (-2.8%), and Filecoin (-2.7%).