Markets Update: Volume Is Weaker as BTC Prices Push Past $10,000
Over the past two days, BTC/USD markets dipped below the $10K price region to a low of $9,260 on February 25. The following day the price per BTC has since bounced back on Monday morning, jumping over $700 in value and touching a high of $10,400.
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BTC Rides Back Above $10K
BTC/USD markets were sluggish over the past weekend as the currency remained just above the $9K price zone for over two days. Prior to the dip, the price of BTC reached around $11,600 gaining momentum after the recent 65 percent ‘crash’ in value. During this afternoon’s trading sessions (eastern standard time) the price per BTC is hovering around $10,150-10,300. Trade volume is roughly around $7Bn over the past 24-hours, and the Japanese yen is dominating that number. Currently, the yen represents over 51 percent of the global BTC trades after recently dropping below 30 percent. The yen is followed by the USD (22%), tether (USDT 13%), the Korean won (5%), and the euro (4.5%). At the time of publication, the top five exchanges swapping the most BTC includes Okex, Bitfinex, Binance, Upbit, and Bitflyer. The most popular trade today on Shapeshift with BTC is litecoin (LTC) with 792.898 BTC in trade volume.
Looking at the chart shows BTC/USD markets had been consolidating into a triangular pattern over the past two days. Trade volume is lackluster compared to the rally that started gaining steam on February 7. The two Simple Moving Averages (SMA) both long (200 SMA) and short-term (100 SMA) are spread apart. The 200 SMA is well above the short-term 100 SMA, indicating the path to the upside will be met with resistance. The weekly Relative Strength Index (RSI) and Stochastic also indicate oversold conditions and bulls may have a hard time gaining higher ground today. MACd reveals the same thing as the indicator is headed south back to initial support.
On the backside, foundational support has increased so if the price gets tugged below sub-$10K levels there’s solid ground between $10,000 to $9,400. If bulls manage to break resistance and keep the momentum going, then they will meet some walls around $10,300-10,600. After that oppositional area, it will be smooth sailing northbound until $11,350. The price has dropped lower than the ‘neckline’ after following a classic ‘head and shoulders’ pattern. This indicates after coming close to the $11,350 range we could see a more significant sell-off if bulls can’t break through this key region.
The Top Cryptocurrency Markets
Overall most cryptocurrency markets are seeing gains today as the top ten most valued cryptocurrencies are all in green. The second largest market capitalization held by ethereum (ETH) is up 4.9 percent as each ETH is worth $871. Ripple (XRP) markets have seen gains around 3.7 percent as one XRP is around $0.95. The fourth largest market cap is bitcoin cash (BCH), and its markets are up 6.8 percent. One BCH is averaging about $1,241 per token as markets have $485Mn in global trade volume. Lastly, the fifth biggest market cap still belongs to litecoin (LTC) as its markets are up 5.6 percent with one LTC priced at $223. BTC’s market capitalization is dominating all 1521 cryptocurrencies in existence by 38 percent.
The Verdict: Short-Term Bearish — Long-Term Bullish
Overall the digital asset community is positive, and many believe cryptocurrency markets will go parabolic again this year. Some traders believe we will see another steep drop before this happens while others think we just experienced the final drop below $10K. At the moment the price is holding above the $10,000 region and seems to be chewing away at orders until the next move. There may be some tighter consolidation periods before the ‘next big move’ happens.
Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Bitstamp, Bitcoin Wisdom, AP, and Coinmarketcap.
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