Bitcoin Consolidation Continues, Crypto Markets On Hold For Now (Market Watch)

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Following another unsuccessful attempt to overcome $19,600, bitcoin has calmed and retraced slightly beneath $19,500. Most alternative coins have displayed untypical stagnation, apart from XRP’s continuous decrease.

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After dipping to $17,500 on two occasions last week, bitcoin went on a tear during the weekend and recovered all losses. The cryptocurrency continued to increase gradually in the following days but couldn’t break above $19,600 yesterday, as CryptoPotato reported.

The subsequent rejection resulted in threatening BTC’s position above $19,000. Nevertheless, it initiated another leg up in the past 24 hours that drove the asset to an intraday high of $19,570.

As it happened previously, though, the bears didn’t allow any further increases. As of now, BTC trades just beneath $19,500.

From a technical perspective, BTC has broken above the $19,400 resistance. From this point forward, the next obstacles for bitcoin are situated at $19,700, $19,920, and $20,550.

On the other hand, the support lines at $18,800, $18,630, $18,500, and $18,300 could assist in case of a price breakdown.

BTCUSD. Source: TradingView
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After recovering from last week’s price drops, most alternative coins have failed to continue north. Ethereum has stalled beneath $600, and after a slight decrease in a day, ETH had dipped below $590.

Ripple has suffered the most lately. Following the snapshot for the Spark (FLR) airdrop on Saturday, XRP firstly broke down to $0.55 before doing the same with $0.50. In the past 24 hours, a 6.6% decrease has driven the third-largest cryptocurrency to $0.45.

Binance Coin (-2.2%), Chainlink (-0.4%), Cardano (-1.3%), and Litecoin (-0.5%) have lost some value since yesterday. In contrast, Bitcoin cash (3%) has gained the most from the top 10, followed by Polkadot (2.7%).

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

UMA is the most impressive gainer in the past 24 hours. UMA has surged by over 30% and trades near $10.

Cosmos (6%), Algorand (5%), THORChain (5%), Aragon (5%), Ocean Protocol (5%), and THETA (4.8%) follow.

In contrast, Stellar has dropped by 5%. Energy Web Token (-4%), Yearn.Finance (-3%), and Maker (-3%) are next.

 

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Cryptocurrency charts by TradingView.

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