Yesterday saw the cryptocurrency markets endure yet another day of sideways trading with Bitcoin’s (BTC) price plummeting back below the $10,100 support today.
Bitcoin’s price movement
Bitcoin (BTC) managed to hit an intraday high of around $10,390 yesterday before slowly trading downwards. At the time of writing, BTC is down by 2.35% and changing hands at $10,050.84 as per data from CoinMarketCap.
As per crypto analysts, Bitcoin’s price broke the $10,250 support area as well as the 100 hourly simple moving average. Furthermore, BTC’s recent slump went as far to the break the $10,100 support area. Lastly, there was a downside spike below the $10,00 level, thus forming a swing low near $9,938.
Bitcoin’s price could face a major uphill battle and may continue struggling near the $10,250 and $10,300 support according to several crypto analysts.
BTC/USD is currently facing mounting pressure below the $10,250 with many experts calling for a bearish decline should the OG cryptocurrency not close above $10,400 and $10,500 levels.
Altcoins markets in the red again
Today marks yet another day in the red for several major cryptocurrencies. Ether (ETH), the number one altcoin is showing similar trading trends today. ETH has shown little to no price movement in the past several days. At the time of writing, ETH is down by 1.89% and being traded at $178.77 per coin. XRP is down by 1.88% and changing hands at $0.256720, Bitcoin Cash (BCH) has shed 1.63% and selling for $301.94 and Litecoin (LTC) is also down by a modest 1.33% and trading at $70.85.
Binance Coin (BNB), Bitcoin SV (BSV) and Monero (XMR) are the biggest losers of the day. BNB is down by 3.68%, selling for $21.47, BSV has shed 3.03%, trading at $123.37 and XMR has seen the most notable loss at 5.59%, selling at $70.55.
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