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 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.
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.
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.
