The market is today recording a mix of red and green. For a majority of the top 20 coins, they are in the red zone with the exemption of Litecoin and Bitcoin Cash at the time of press.
Whether green or red, the price movement is marginal. Those in the red are recording drops of between 0.50% to 3%. On the other hand, those posting gains have remained in under 1%. Bitcoin which has in the last few months triggered rallies, drops, and is once again depended on to dictate the next price movement is in the red.
The number one asset is recording a drop of less than 1%. However, this 1% is seeing the asset dance with one of its crucial psychological positions, $9,500. The asset has been climbing and dropping below this position for the last 24 hours. Above this, the asset could climb to $10K during the next rally. Below this, the asset could easily plummet to lows to $9,000 as witnessed during the weekend when the asset retested the $9,200 support.
Time To Consolidate
A few weeks ago, the market was experiencing one of its most bullish periods. The run saw Bitcoin record gains of up to 165% in Q2 2019. This has since changed and seen the market turn bearish.
However, this is not to say that the bull run is over. Analysts have repeatedly agreed that this is either a short-term correction, a consolidation period or a buying opportunity. Regardless, it’s a short term fall back before prices top recent highs and go on to set new highs.
For now, Bitcoin is expected to spend some time between the $9K and $13K price range but to soon enough break away from this range.
Are Altcoins Awaiting Bitcoin?
As for altcoins, in the past few months, they have had to wait for Bitcoin to set the tone. This has largely been due to Bitcoin’s dominance of over 65%.
In recent days, this has dropped. Now altcoins are in a good position to dictate their movement and could easily trigger a market surge even as Bitcoin remains in its set range.