Market Watch: Bitcoin Rejected From ATH Once Again, ETH Above $600
Although Bitcoin was unsuccessful in breaching above $19,600, the cryptocurrency has remained above the coveted $19,000 level. Most altcoins have continued displaying an unusual lack of volatility for a second consecutive day.
Bitcoin Fails At $19,600
The primary cryptocurrency has recovered all losses since the Thanksgiving massacre when it plummeted to below $16,500. The past week has been significantly more bullish for the asset as it painted two consecutive all-time highs on some exchanges.
However, BTC failed to break above $20,000, and the rejection drove further decreases – this time, bitcoin bottomed at $18,100 on Tuesday.
The past few days have been calmer for the asset. BTC firstly reclaimed the $19,000 price tag before initiating another leg up north hours ago. The cryptocurrency tested the previous all-time high zone at $19,660 but it failed to break through and is currently trading at around $19,300.
Despite retracing with a few hundred dollars since then, bitcoin still sits above $19,000.
The technical indicators suggest that the cryptocurrency needs to overcome the first resistance at $19,700 before potentially heading towards $20,000. In case BTC is successful in breaking above it, the next resistance lines would be at $20,350, $20,970, and $21,750.
In contrast, $18,800, $18,600, $18,270, and $17,800 would serve as support if bitcoin heads south.
Relaxing Altcoins
The alternative coins, similarly to bitcoin, experienced a highly volatile week, which saw double-digit price developments in both directions.
In the past few days, though, most altcoins have calmed and displayed an unusual lack of substantial fluctuations.
On a 24 hour scale, Ethereum has gained 1% and trades upwards of $600. Cardano has also added less than 1%, and ADA is north of $0.16.
Ripple (-1%), Chainlink (-1%), Polkadot (-1.3%), and Litecoin have all retraced slightly.
Even the lower and mid-cap altcoins have remained relatively stagnant. The only exception is NEM, with a 20% surge to $0.25.
The other 24-hour gainers have all increased with single-digit percentages. Zilliqa leads with 8%. Ren (7.5%), THORChain (6.5%), Aave (6%), and Algorand (6%) follow.
