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    Home » Crypto News » Bitcoin Struggles To Maintain $9000 As THETA Plunges 20%: Thursday’s Market Watch

    Bitcoin Struggles To Maintain $9000 As THETA Plunges 20%: Thursday’s Market Watch

    Author: George Georgiev

    Last Updated May 28, 2020 @ 11:12

    The past few days have been relatively exciting in the cryptocurrency market. Bitcoin managed to reclaim the $9,000 level but it appears that bulls might be running out of steam. At the same time, despite the fluctuations in its price, large-cap altcoins failed to make any serious advances as most of them remain more or less break even against Bitcoin.

    Bitcoin Struggles Above $9,000

    Bitcoin has been playing with the $9,000 area quite a bit in the last few days. Yesterday, the cryptocurrency spiked with about $400 in less than an hour and managed to reclaim the level somewhat decisively.

    However, the price action is far from being convincing or favorable for the bulls. The massive candle that got Bitcoin above $9,000 reached as high as $9,200 before being rejected. As CryptoPotato reported, this was to be expected because the area between $9,200 and $9,300 provided very strong support last week.

    With this said, the real test for the bulls continues to be the resistance in that area and they need to overcome it in order to reinstall BTC’s positive trajectory. Beyond that, the next target would be $9,400.

    On the flip side, the first level of support now is the $9,000 area and if it falls, $8,800 will be in play once again, followed by $8,650.

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    btcusd_chart
    BTC/USD. Source: TradingVIew

    Altcoins Remain Indecisive, THETA Makes Headlines

    In retrospect, the past week wasn’t as profitable for altcoins as many hoped it would be. A lot of the large-cap cryptocurrencies marked slight decreases and increases in the range between -2% and 2%, failing to capitalize on Bitcoin’s weakness.

    crypto_overview
    Cryptocurrency Market Overview. Source: Coin360.com

    Ethereum, for example, is up about 2.7% against BTC, while XRP, BCH, and BSV are all in the red.

    It’s safe to say, though, that the week’s headlines were mainly occupied by THETA’s wild price action. The coin went on a parabolic move, surging about 100% in a few days only to decrease almost as much. The cryptocurrency is down more than 20% in the past 24 hours alone.

    theta_usd_may28-min-min
    THETA/USD. Source: TradingView
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      Is The Correction Over? Bitcoin Struggles To Maintain The $10,000
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      Bitcoin Dominance at 4-Month High as Total Market Cap Gains $17 Billion (Market Watch)
    Tags: Altcoins Bitcoin (BTC) Price Bitcoin Cash (BCH) Price Ethereum (ETH) Price Ripple (XRP) Price
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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