Bitcoin Price Stalls at $9,300, Altcoins Rally to New Multi-Year Highs

Bitcoin Price Stalls at $9,300, Altcoins Rally to New Multi-Year Highs

As Bitcoin price stalled at $9,300 again, altcoins capitalized on the sideways price action to rally to new multi-year highs.

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Within the last few hours Bitcoin (BTC) price pushed above $9,300 after struggling to hold the $9,300-$9,400 level for the past three days. 

The move was accompanied by a notable surge in purchasing volume which is exactly what is needed given that on July 6 and 7 the Bitcoin price formed a tweezer top and rejected at $9,374. 

Crypto market weekly price chart

Crypto market weekly price chart. Source: Coin360

Currently the price trades slightly above the 20-MA and the descending trendline from the local high at $10,377 on June 1 but Bitcoin’s failure to hold the $9,300 level means that a shot at $9,600 remains out of reach.  

BTC USDT daily chart

BTC USDT daily chart. Source: TradingView

Aside from the need for Bitcoin price to set a higher high above $9,374, the VPVR shows a high volume at $9,450 so bulls are not out of the woods yet. 

Traders will be watching to see if the price can secure a 4-hour close above $9,300 and if Bitcoin can push through the $9,450 level then a surge to $9,600 is likely. 

If Bitcoin price fails to hold $9,300, the 4-hour time frame shows support at $9,225 and below this at $9,000. 

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

As Bitcoin price slowly worked its way through resistance to $9,300, a handful of the top-50 altcoins posted strong double-digit gains. Cardano (ADA) reached a new 2-year high by rallying 26% to $0.13. 

Chainlink (LINK) also rallied 6.11% to a new all-time high at $5.99. VeChain (VET) was another top performer for the day with a 21.6% rally.

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $271.3 billion and Bitcoin’s dominance rate is 63%.

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As Bitcoin price stalled at $9,300 again, altcoins capitalized on the sideways price action to rally to new multi-year highs.

Bitcoin Price Reclaims $9,300 as Traders Expect Increased Volatility

Bitcoin Price Reclaims $9,300 as Traders Expect Increased Volatility

Bitcoin price recovered from its drop below $9K but traders expect increased volatility ahead of Friday’s $1.06 billion BTC options expiry.

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Since briefly tumbling below $9,000 on June 24,  Bitcoin (BTC), the top-ranked digital asset on CoinMarketCap recovered today to trade in the $9,300 range again. The swift recovery occurred as traders continue to anxiously await the result of a record-breaking $1.06 billion Bitcoin options and futures contract expiry

While the digital asset remains in an uptrend, the start of this also week saw stocks correct sharply as the dreaded second wave of coronavirus infections spread throughout many of the U.S. states which choose to re-open their economies in mid-March. 

As investors have come to expect, Bitcoin price dropped alongside equities markets and according to Cointelegraph contributor Marcel Pechman

“The recent increase in correlation between Bitcoin and the S&P 500 could be the root of BTC’s current price volatility.” 

Crypto market weekly price chart

Crypto market weekly price chart. Source: Coin360

Since early May Bitcoin price has experienced a number of rejections near the $10K mark and on the drop to $9,100 on June 11 began a trend where the price has traded in a sideways range instead of the pattern of successive higher lows which began right after the Black Thursday crash on March 12. Despite Bitcoin losing a bit of momentum,  investors have continued to buy into nearly every dip but there is also increasing fear that the price could drop below $8,800 to revisit prices in the $8,500-$6,800 range

Currently the Crypto Fear and Greed index, a metric reflecting investor sentiment on the state of the market, reads 40 which is in the ‘fear’ category. 

Crypto Fear & Greed Index

Crypto Fear & Greed Index. Source: Alternative.me

Typically aggressive investors counter-trade the indicator, hence the buying of last night’s dip, but the current reading could also be reflective of the apprehension traders have ahead of the June 26 BTC options expiry. 

BTC USDT daily chart

BTC USDT daily chart. Source: TradingView

As can be seen on the daily chart, the price continues to meet resistance and the trendline from the local high at $10,360. BTC is finding support at the $9,200 level and below this from $9,000-$8,800 is a zone the price has revisited multiple times since late April. 

As shown on the volume profile visible range indicator, a drop below the high volume node at $8,670 could lead the price to revisit the 200-MA at $8,300 but there is also a volume gap in this area so  drop to $7,200 could occur. 

If Bitcoin can push above the descending trendline to manage a daily close above the 20-MA ($9,500) then the digital asset will aim to flip $9,800 from resistance to support, placing a go at $10K back on the table. 

The short time-frames tell a similar story, showing that the price needs to secure a 4-hour candle close above $9,300, followed by a push above the descending trendline and 20-MA. 

Short-term price action aside, most traders will have their attention focused on whether or not the upcoming 1.06B BTC options expiry will introduce additional volatility. 

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

Altcoins also took a beating as Bitcoin price fell below $9K which is expected but a handful of the mid and large-cap altcoins also quickly recovered as BTC reclaimed its previous range. 

Basic Attention Token (BAT) and Ontology (ONT) popped back with a 6.78% and 4.78% gain while Chainlink (LINK) managed a 2.46% recovery. DeFi token Compound (COMP) surged 13.47% after listing on Binance today. 

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $261.4 billion and Bitcoin’s dominance rate is 64.4%.

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Bitcoin price recovered from its drop below $9K but traders expect increased volatility ahead of Friday’s $1.06 billion BTC options expiry.

Bitcoin’s Price Hovers Above $9,300, While Stellar Shows 20% Gains

Bitcoin’s Price Hovers Above $9,300, While Stellar Shows 20% Gains

The price of Bitcoin hovers above the $9,300 price mark, while Stellar takes a shot at the moon with 20% gains

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Tuesday Nov. 5 — Crypto prices continue to show upward momentum across markets, while Bitcoin (BTC) hovers around the $9,300 price mark and Stellar (XLM) takes a shot at the moon with gains of more than 20%.

Cryptocurrency market daily overview. Source: Coin360

Bitcoin was trading close to the $9,400 price mark for a large part of the day but is showing signs of downward price behavior in recent hours. The world’s largest cryptocurrency traded at an intraday high of around $9,465, before losing ground towards its current trading price of around $9,311. BTC is reporting a moderate loss of 0.56% in the past 24 hours.

BTC daily price chart. Source: Coin360

According to Bitcoin statistician and commentator Willy Woo, bullish action should begin to surface after Bitcoin’s dip to $8,600, due to filling in a gap in futures markets. Thereafter, he said, Bitcoin needs a monthly close above $14,000 in order to then secure a longer-term bull market. He explained:

“Once we get a monthly close above $14k, we’ll be in the second phase of the bull market; a steady, lowish volatility, run in price. Should happen by the start of 2020, that’s the best time to deploy capital.”

Perhaps Bitcoin’s price can take a clue from Stellar’s shot to the moon as the coin’s price surged 25% after the announcement was made that a 50% token burn of its total supply was completed. XLM is currently trading at a price of $0.084 per coin, reporting massive gains of more than 20% on the day, igniting claims that XLM might be able to trigger a new bull cycle.

Ether (ETH), meanwhile, is currently sitting at $190 per coin and is showing a gain of around 1.86% at publishing time. 

Ether seven-day price chart. Source: Coin360

XRP has been trading relatively flat for the better part of the day. The third-largest coin by market capitalization is currently trading at $0.301 per coin, up 1.4% at press time. Cointelegraph contributor Michaël van de Poppe pointed out that the Swell conference is approaching, which could potentially bring news and volatility to the markets at the same time that XRP price seems to be lining up for a breakout move.

XRP seven-day price chart. Source: Coin360

Top-20 coins show mixed signals

The top 20 coins are showing both green and red candlesticks, with Stellar taking the absolute lead as biggest gainer of the day, followed by impressive gains by Bitcoin SV (BSV), up more than 7% on the day.

NEO, on the other hand, is taking the title of worst top-20 performers of the day, with losses of more than 2% on the day. 

The overall cryptocurrency market cap currently sits at $252.5 billion, with Bitcoin making up 66.9% of the total.

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The price of Bitcoin hovers above the $9,300 price mark, while Stellar takes a shot at the moon with 20% gains

Bitcoin Price Breaks $9,300 as Alts See Moderate Gains

Bitcoin Price Breaks $9,300 as Alts See Moderate Gains

Bitcoin breaks the $9,300 mark again as most of the top 20 cryptocurrencies report moderate gains on the day

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Saturday, Nov. 2 — most of the top 20 cryptocurrencies are reporting moderate gains on the day at press time, after Bitcoin (BTC) broke the $9,300 mark again.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin price is currently up by 2.06% on the day, trading at around $9,326 at press time, according to Coin360. Looking at its weekly chart, the coin is up by about 0.89%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

As Cointelegraph reported earlier today, former Texas Republican congressman and presidential candidate Ron Paul received his reportedly first Bitcoin from Bitcoin Foundation board member and Bitcoin wallet startup Ballet Crypto founder Bobby Lee

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $19.9 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $12.7 billion at press time.

Coin360 data shows that ETH has seen its value increase by about 1.64% over the last 24 hours. At press time, ETH is trading around $183. On the week, the coin has also gained about 1.09% of its value. 

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Ethereum development firm CasperLabs recently announced “Highway,” allegedly the first correct-by-construction Casper Proof of Stake implementation that is provably live and safe. 

XRP is up by about 1.32% over the last 24 hours and is currently trading at around $0.293. Compared to seven days ago, the coin has seen nearly no price gain or loss.

XRP 7-day price chart

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, the only one reporting double-digit gains is Algorand (ALGO), which is up by 14.43% as of press time.

At press time, the total market capitalization of all cryptocurrencies is $249.3 billion, about 2.8% higher than the value it reported a week ago.

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Bitcoin breaks the $9,300 mark again as most of the top 20 cryptocurrencies report moderate gains on the day

Bitcoin Breaks $9,300 as US Stock Market Sees Minor Uptrend

Bitcoin Breaks $9,300 as US Stock Market Sees Minor Uptrend

Bitcoin has broken $9,300 as most of the top 20 cryptocurrencies are reporting moderate losses on the day

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Monday, June 17 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) passed the $9,300 mark again.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin is currently up about 2.5% on the day, trading around $9,358 at press time, according to Coin360. Looking at its weekly chart, the coin is up around 12.7%.

Bitcoin 7-day price chart. Source: Coin360

Bitcoin 7-day price chart. Source: Coin360

Yesterday news broke that the Chicago Mercantile Exchange (CME) Group has released data showing that open interest in Bitcoin futures is rising.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at just under $28.5 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $18 billion at press time.

Coin360 data shows that ETH has seen its value increase by a fraction of a percent over the last 24 hours. At press time, ETH is trading around $268. On the week, the coin has also gained over 2.2% of value.

Ether 7-day price chart. Source: Coin360

Ether 7-day price chart. Source: Coin360

XRP is down by about three quarters of a percent over the last 24 hours and is currently trading at around $0.428. On the week, the coin is up about 6%.

XRP 7-day price chart. Source: Coin360

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, the only other ones who have seen gains are binance coin (BNB), which is about 3.8% up, and monero (XMR), which is about 2.5% up.

At press time, the total market capitalization of all cryptocurrencies is $288.8 billion, nearly 8.8% higher than the value it reported a week ago.

As Cointelegraph reported earlier today, Jerome Powell, the head of the United States Federal Reserve, has said that he recognizes both potential benefits and risks to Facebook’s recently-unveiled Libra cryptocurrency project.

In traditional markets, the United States stock market is seeing slight gains so far today, with the S&P 500 up 0.61% and the Nasdaq up 0.5% at press time. The CBOE Volatility Index (VIX), on the other hand, has gained 4.33% on the day at press time.

Major oil futures and indexes are seeing discreet gains today, with WTI Crude down 1.37%, Brent Crude down 1.37% and Mars US up 0.4% at press time. The OPEC Basket is up 0.82% and the Canadian Crude Index has not seen its value change in the 24 hours by press time, according to OilPrice.


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Bitcoin has broken $9,300 as most of the top 20 cryptocurrencies are reporting moderate losses on the day

Bitcoin Breaks $9,300 as US Stock Market Sees Minor Downturn

Bitcoin Breaks $9,300 as US Stock Market Sees Minor Downturn

Bitcoin has broken $9,300 as most of the top 20 cryptocurrencies are reporting moderate gains on the day

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Monday, June 17 — most of the top 20 cryptocurrencies are reporting moderate gains on the day by press time, as bitcoin (BTC) passed the $9,300 mark again.

Market visualization

Market visualization courtesy of Coin360

Bitcoin is currently up about 2.69% on the day, trading around $9,341 at press time, according to Coin360. Looking at its weekly chart, the coin is up around 18%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

As Cointelegraph reported earlier today, bitcoin surpassed one million daily active addresses on June 14, according to blockchain statistics website CoinMetrics.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at just under $29.1 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $18.3 billion at press time.

Coin360 data shows that ETH has seen its value increase by about 1.5% over the last 24 hours. At press time, ETH is trading around $273. On the week, the coin has also gained over 15% of value.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

XRP is up by just over 4.2% over the last 24 hours and is currently trading at around $0.435. On the week, the coin is down about 11.5%.

XRP 7-day price chart

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, the only one reporting losses is iota (MIOTA), which is over 2% down.

At press time, the total market capitalization of all cryptocurrencies is $288 billion, nearly 15% higher than the value it reported a week ago.

Yesterday, it was reported that South American online marketplace Mercado Libre is working with Facebook on the social network’s secretive Libra cryptocurrency project.

In traditional markets, the United States stock market is seeing slight losses so far today, with the S&P 500 down 0.16% and the Nasdaq down 0.52% at press time. The CBOE Volatility Index (VIX), on the other hand, has gained 2.36% on the day at press time.

Major oil futures and indexes are seeing discreet gains today, with WTI Crude down 1.37%, Brent Crude down 1.37% and Mars US up 0.4% at press time. The OPEC Basket is up 0.82% and the Canadian Crude Index has not seen its value change in the 24 hours by press time, according to OilPrice.


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Bitcoin has broken $9,300 as most of the top 20 cryptocurrencies are reporting moderate gains on the day