For the last couple of days, Bitcoin has hardly had any intriguing movement. Since the leader surged above $4,000 and found resistance around $4,090, the coin has remained in this range for more than a week. With many anticipating that the coin would retest the $4,200 position, there was growing concern why the cryptocurrency was unable to go above $4,100.
For some analysts, the reason was simple, the recent rally lacked conviction. Although the leader would occasionally rally, there lacked strong bullish volume to ensure that the coin did not slip back.
Following nearly no movement throughout the weekend, the week began with marginal losses. After lasting for hours, in the last couple of hours, the losses have extended and seen the market slip back and a lot of major cryptocurrencies break newly established support positions.
For Bitcoin, after days of trading above $4,000, the coin has slipped back below it. At the time of press, Bitcoin has recorded a nearly 2% drop in the last 24 hours and is now exchanging for $3,958. With its dominance still around 50.7%, this setback sees the total market cap drop below $140 billion to just over $137 billion.
In the next couple of hours, Bitcoin will look to find support as high above $3,900 as possible, and possibly try to rally and get back above $4,000. Bitcoin has shown great stability in price movement in the last couple of days. This stability will now be called upon to help Bitcoin find support.
Key Support Positions At Risk
Other coins that have seen a significant drop include ETH and XRP, both of which are down by over 2% and trading for $135 and $0.302 respectively. ETH will look to find support above $137 and XRP above $0.30 if the coins are to rally soon.
Further down the list, altcoins which have been enjoying relative bullish success such as Stellar, Tron, and Cardano have also backslid, all suffering substantial drops.
The next couple of hours will be crucial for this altcoins as they come at the risk of sell-offs. Though investors are still heavily invested in altcoins if they continue bleeding we could see many of them move to Bitcoin bringing a bit of stability to Bitcoin and extended drops to altcoins.