BTC/USD characterized by a lack of momentum as a curious pump of Ether becomes the market standout.
Market visualization. Source: Coin360
Bitcoin price slowly erodes support above $10K
Data from Coin360 showed sideways price action as the order of the day for Bitcoin, which remained rangebound between $10,100 and $10,320.
As Cointelegraph reported, a longer period of low volatility saw only a brief interruption on Monday, when BTC/USD suddenly shed around $200. A subsequently rebound to previous levels slowly faded, leading to press time rates of $10,175.
The overall change for Bitcoin stood at 1.3% on the day, while weekly performance was also flat at 0.6% depreciation.
Bitcoin seven-day price chart. Source: Coin360
Commentators had previously eyed the potential for a shake-up during the week, but this had yet to begin as traders continued to wait for cues.
“Bitcoin continues to face a lot of selling pressure despite a bullish surge late on Monday. The bulls need to take charge and ensure defend $10K or there is a wider risk of downside in the short term,” regular Cointelegraph contributor Filb Filb said in private comments on Wednesday.
Continuing, he suggested the 20-week moving average (WMA) constituted the psychological barrier that protected Bitcoin from a more intense breakdown:
“Prices below 10k, in particular, $9,800 where the 20 WMA lies would risk a bigger selloff. A close above $10,500 would be considered bullish and a break from the descending resistance.”
ETH/USD steals the altcoin show
The largest altcoin by market cap gained 10% over the past 3 days, outpacing the remaining top twenty market cap coins.
Ether 7-day price chart. Source: Coin360
The overall cryptocurrency market cap stood at $265 billion, with Bitcoin making up 69.1% of the total.
Visit the USSA News store!
Click this link for the original source of this article.
Author: William Suberg
This content is courtesy of, and owned and copyrighted by, https://cointelegraph.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact the USSANews.com administrator by using the contact form located in the top-left menu. Your request will be immediately honored. Please visit https://cointelegraph.com for more terrific, conservative content. The owner of this website may be paid to recommend American Bullion. The content of this website, including the positive review of American Bullion, the negative review of its competitors, and any other information may not be independent or neutral.