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Bitcoin Continues to Fight for $9,000 As Altcoins Recover Slightly

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This weekend was rather exciting for Bitcoin’s price as it finally made a decision and broke out of a rather tight trading range. Unfortunately, it was to the downside, and BTC touched $8,816 on Binance Futures yesterday.

Most of the large-cap cryptocurrencies followed Bitcoin but are now recovering while BTC continues to fight for the important $9,000 level.

Bitcoin Price Around $9,000: The Fight Continues

After plunging to about $8,816 on Sunday, Bitcoin’s price rebounded and reached as high as $9,160 on Binance. Since then, however, the buyers have calmed down, and the price continues to battle for establishing control over the $9,000 level. At the time of this writing, Bitcoin is trading at around $9,100.

As CryptoPotato reported yesterday, The $8,900 – $9,000 area is crucial for Bitcoin, and bulls must defend it to prevent potential new monthly lows.

From a technical perspective, the first level of support to the downside is precisely this area, followed by $8,800, which is where the price dipped to. Below that, demand can be expected at around $8,650.

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Looking from above, the first significant supply area lies around $9,200, followed by $9,300, which is Thursday’s high.

In any case, it’s worth noting that a close below $9,300 – $9,400 is likely to give preference to the bearish bias.

btcusd_chart

BTC/USD. Source: TradingView

As seen in the above chart, Bitcoin’s price has been struggling long before yesterday’s drop. BTC started decreasing on June 24th when in a few consecutive red candles, it lost more than $500, destroying freshly renewed hopes of breaching the coveted $10,000 mark.

Altcoins Staging a Recovery

The majority of the large-cap cryptocurrencies are recovering slightly from yesterday’s price drop.

crypto_overview

Cryptocurrency Market Overview. Source: Coin365.com

As seen in the above chart, most of the market is currently in the green, marking increases in the range between 0.5% and 2%.

However, the fourth-largest cryptocurrency, XRP, is struggling heavily. Down about 0.5% in the past 24 hours, it lost massive support at $0.18. Its price dipped to $0.177 yesterday and bounced to $0.179 but failed to reclaim the coveted support and got rejected to where it currently trades at around $0.176. Against Bitcoin, Ripple is also suffering as it’s trading at multi-year lows.

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