Market Update: BTC Faces Slight Pull Back, Altcoins Significantly Halted As Bear Pressure Intensifies

Market Update: BTC Faces Slight Pull Back, Altcoins Significantly Halted As Bear Pressure Intensifies

Bitcoin (BTC) has for the past 7 days had a more static run than it did in the past two weeks before this and today’s current market state is a reflection of this pullback.

Unlike when Facebook’s Libra was announced and the big bull skyrocketed by more than 5%, Trump’s unconscious Bitcoin publicity may have sparked curiosity amongst cryptocurrency novices but this has done little to price increase over the past one week, although, in comparison to the past few days, BTC is stepping up a little stronger as market cap is making a correction back to the $240 billion price level, with $188 billion already in and counting.

Will Bitcoin retest the $11,000 mark anytime soon?

The answer to this question is highly dependent on stability in price action as the big bull has tested the $11,000 mark twice last week but was repressed by a bearish engulfing outlook shortly after, thereby moving the coin to prior support levels around the $10k mark and even to as low as the $9,000 on several occasions.

This plunge is an indication that sellers are in charge of price action and buyers are largely on the receiving end. A continuation of this pattern will lead to further decline from time to time and Bitcoin could go as far as dropping towards the $8000 mark.

At press time, BTC has only declined around 0.50% against the USD, leaving the trading price at $10,592; slightly above yesterday’s close.


Altcoin performance: Are the bears in for Altcoins yet?

The current look at the formation of the majority of the top 100 Altcoins as listed by CoinGecko reflects what could very well be termed as fair trading, in that buyers and sellers are having nearly an equal grip over the market. For the top 10 Altcoins except for BNB, losses are between 0-2% signifying that bulls are just around the corner.

For the likes of ETH, XRP and LTC, trading price is not far away from that of last week’s and the past 7 days as well. On the other hand, BSV which is currently down by 3.85% against the USD is losing possibilities of making a breakout as would’ve been the case. Hitting a high of $188 yesterday, the price faced major hindrance and is now trading at $170 as of this writing.