- Bitcoin is stuck in-between the downside and upside
- Dogecoin’s price is still up despite retracing from its daily highs
- The altcoin market is showing signs of volatility
Cryptocurrency News Today – the biggest crypto by market cap has stalled in recent sessions and is trading in a tight range between $9,000 and $9,300. This position has been in play for the past week. The events of the last few days ago, (including the Twitter hack that allowed unknown cybercriminals take control of many high-profile accounts and made away with millions of USD in BTC after a fake Bitcoin airdrop), brought high expectations for BTC.
Many expected that the coin would react positively. However, the situation is quite different. The number one digital asset has stalled and hasn’t decisively moved in either direction. A short movement to $9,050 was followed by another to $9,180. In any case, Bitcoin is still in its comfort area and is changing hands at $9,140.
BTC Will Likely Continue Moving Sideways Through the Weekend
Looking at the current action from a technical angle, the BTC price is seating above the support area of $9,100. This means the digital asset will continue moving in a sideways position throughout the weekend. Note that if $9,100 fails to hold for BTC, the support at $9,000 will be the coins’ initial defense. $9,300 is currently the first notable resistance for the price of BTC. Now it must break this position before it can push a move to $9,600 and $9,800.
The continuous drop in trading volume is an indication of a bearish short-term future for Bitcoin. Yesterday, July 17, there was a lack of major price movements. The issue with digital assets also extended to the three U.S stock market indexes. NASDAQ, the S&P 500, and the Dow Jones were all affected. They have remained at the same level throughout the trading session.
Is the Case Different for Altcoins?
The rest of the market performed differently. Chainlink retraced by 5% and is approaching $7,90. The coin has stayed in the green for several days consecutively. Two digital tokens have posted significant losses in the last 24-hours of trade. They include Flexacoin (-20%) and Elrond (-11.35%). FXC is massively fluctuating and has risen from $0,002 to $0,0048. Meanwhile, two tokens posted double-digit losses.
All in all the tokens who posted gains are more in number. ABBC Coin is leading with a 32% surge at press time. Meanwhile, Digitex Futures and iExec RLC follow it closely with both gaining 31%, and 30% respectively. Another notable mention is Swipe. The token is up by 22% following its recent partnership with Binance. It has entered the top 100 cryptos by market cap at press time. Dogecoin is up by 14% despite retracing from its daily highs. Terra gained 11.65%.