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December 5, 2022
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Guide & Analysis

Bitcoin battles around $ 9,000, while altcoins start to recover

Bitcoin weekend.

This weekend was quite exciting for the price of Bitcoin, as it finally made a decision and came out of a very tight trading range. Unfortunately, it went to the negative side, and BTC reached $ 8,816 at Binance Futures yesterday.

Most large-capital cryptocurrencies followed Bitcoin, but are now recovering as BTC continues to struggle around the $ 9,000 mark.

Bitcoin price around $ 9,000: the fight continues

After dropping to around $ 8,816 on Sunday, Bitcoin’s price rebounded and reached $ 9,160 at Binance. Since then, however, buyers have calmed down, and the price continues to struggle to establish control over the $ 9,000 level. At the time of this writing, Bitcoin was trading at around $ 9,100.

The $ 8,900 to $ 9,000 area is crucial for Bitcoin, and bulls must defend it to avoid possible new monthly casualties.

From a technical perspective, the first level of support for the low is precisely that area, followed by $ 8,800, which is where the price has come. Below that, demand can be expected at around $ 8,650.

Looking from above, the first significant supply area is around $ 9,200, followed by $ 9,300, which was Thursday’s high.

In any case, it is worth noting that a close below $ 9,300 to $ 9,400 is likely to favor downward bias.

As seen in the chart above, Bitcoin’s price was struggling long before yesterday’s fall. The BTC began to decline on June 24 with a few consecutive red candles, losing more than $ 500, destroying new hopes of breaking the coveted $ 10,000 mark.

Altcoins testing a recovery

Most large-cap cryptocurrencies are recovering somewhat from yesterday’s price drop.

Bitcoin battles around $ 9,000, while altcoins start to recover 23

As seen in the chart above, most of the market is currently in the green, showing increases in the range between 0.5% and 2%.

However, the fourth largest cryptocurrency, XRP, is facing major difficulties. Down 0.5% in the past 24 hours, it lost massive support at $ 0.18. Yesterday, its price dropped to $ 0.177 and jumped to $ 0.179, but failed to recover coveted support and was rejected where it is currently traded, at around $ 0.176. Against Bitcoin, XRP is also suffering as it is trading at multi-year lows.

Source: CryptoPotato

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