Bitcoin price fails to surpass $10,500 levels and most altcoins decline
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Answer Bitcoin price fails to surpass $10,500 levels and most altcoins decline
After signs of recovery appeared on most of the cryptocurrency market over the past 24 hours, the bitcoin price rose to nearly $10,500 but returned below $10,300, while the price of Ethereum dropped to $360.
Bitcoin stops at $10,500:
The positive news for the underlying cryptocurrency is that its price is still in the five-digit region.
Where the bitcoin rose to its highest level in 2020, after which it fell to the current levels, which are estimated at 10,239 dollars.
From a technical perspective, $10,000 is still a very important support line.
If Bitcoin cannot sustain it, the price could drop to $9,800 and possibly close the CME gap located at $9650.
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In the event of an upside, Bitcoin will have to overcome the first resistance recorded at $10,420 before it again challenges the $10,500 level.
Bitcoin price developments yesterday are similar to gold prices, with the precious metal trading at $1,950 an ounce and rising to an intraday high of around $1,970.
However, similar to what happened with Bitcoin, gold fell to $1940.
As we indicated in previous articles on Arab Bitcoin, the 60-day correlation between assets (Bitcoin and Gold) reached a new all-time high.
While on a smaller scale, they have shown brief signs of decoupling, it appears that gold and bitcoin are charting similar movements once again.
Devaluation of altcoins:
After yesterday’s very positive trading day, most of the altcoins are in the red today.
Ethereum fell 2% to $360, and Ripple -2.5% to $0.24.
The three cryptocurrencies that have been vying for fifth place in the past few weeks, Chainlink, Bitcoin Cash and Polkadot, are recovering.
LINK is down 6%, Bitcoin Cash is down 2.5%, and DOT has lost the most among the 5th-place contenders, estimated at -9%.
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Cryptocurrencies related to decentralized finance were not spared the losses, as SUSHI coin fell by 25% and AMPL coin by -22%.
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While some altcoins deviated from the prevailing trend and rose by a different percentage, including IOST, which rose by 13%, followed by Celsius, which rose with an increase of 12%.
It is worth noting that the leading “Coinbase Pro” platform in the United States will include the digital currency YFI on its platform, so that the currency will be affected and its price will rise to 35,000 dollars after the announcement, but it rebounded slightly to 32,600 dollars.
For the record, we have previously discussed the weekly analysis of the Bitcoin currency, which can be returned to from Link.
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