The crypto market was aflutter during the weekend. Bitcoin price plunged and other altcoins fell in lockstep. Bitcoin dipped by more than $600 in just 3 minutes to trade at $9,445 on July 27, before dropping further to a new weekly low of $9,115 on Sunday.
BTC has since corrected upwards and is now hovering around $9,561 level. Today, as a new highly volatile week commences, the general momentum is sputtering and highly favors the bears.
Short-term Outlook Is Bearish
At press time, bitcoin is up by 0.18%. Owing to this, price hangs in the balance and remains vulnerable to further correction unless there is a catalyst to give the prices a much-needed leg-up. Bitcoin is exchanging hands at $9,560 with $10,000 still far out of range.
Josh Rager, popular trader, crypto-analyst and incessant bull, suggests that bitcoin price needs to breach past $10,830 to initiate a decent recovery. He also says that if bitcoin falls below $9,420, it may be in for more losses. He tweeted;
“Price still needs to break above $10,830+ and close for higher-high. Close under the previous daily support ($9,420s) would be bearish. On higher time frames, price is in a potentially large range. Hammer reversal candle is bullish but I’m neutral atm.”
Bitcoin Bulls Are Gearing Up For A “Long Sustainable Bull Drive”– Will Woo
Willy Woo, analyst, and partner at Adaptive Fund is unperturbed by this downtrend citing that the current downtrend is only temporal and fireworks are on the horizon. He adds that once the bears hand over the reins to the bulls, a “long sustainable bull drive” up to 2020 will be next.
“Stage 1 of the bull market is completing, once we bottom stage 2 begins promising the long sustainable bull drive that takes us through all of 2020 (if BTC continues its personality). Stage 1 was trader driven dominance squeezing us up and driving FOMO. FOMO complete, stage set,” Willy opined.
If Woo’s analysis is anything to go by, the current market correction will soon come to a standstill as the bulls resurge stronger than ever.
Altcoins Price Overview
On Saturday, ETH plummeted to an intraday low of $205 from highs around $220 but has since corrected upwards and is trading at $209.34 at press time. The second-largest cryptocurrency by market cap is recording 0.13% losses in the last 24 hours as it struggles to shake off the mounting bear pressure. ETH has a market cap of $22.42 billion.
Ripple’s XRP managed to stay afloat above $0.31during the market-wide downward correction. However, XRP has shed 0.26% in the last 24-hr period and is currently trading at $0.308828. The market cap is standing at $13.23 billion while average trading volume is recorded at $879.02M as per CoinMarketCap.
Litecoin (LTC) tested the area below key support $90 during the brutal sell-off over the weekend. LTC traded at a new low of $84.40. However, LTC’s buying interest rose slightly, pushing the price back above the $88 zone. LTC currently has a market cap of $5.59 billion and is up by 0.73% on the day-on-day basis to trade at $90.01.
Bitcoin Cash (BCH), Cardano (ADA), and LEO are also in the green at press time, with gains of 0.24%, 1.04%, and 0.64% respectively.