Bitcoin remained poised at the $9,200 level against the dollar, while crypto price marks showed gains across markets.
Bitcoin (BTC) traded around $9,400 for most of Tuesday, but began manifesting signs of slipping in the later hours. It peaked at about $9,465 but had trouble breaking above $9,500. It then began a downward correction versus the US Dollar before ultimately settling at its present trading price of $9,300.
The world’s most popular cryptocurrency held on to several key supports above the $9,200 level and the 100-hourly moving average. It reported a loss of 0.56% in the past day.
BTC’s price started to build in a contracting scale over the $9,200 support from the start. Its last high swing was at approximately $9,435 while its last lowest swing was almost at $9,278. Right now, the price is rising above $9,300.
In addition, the currency saw a break at the 23.6% Fib retracement level at its latest decline and a resistance around $9,350 and $9,375. Plus, the 50% Fib of BTC’s decline from $9,435 to $9,278 is almost at the $9,350 level.
There was also a vital breakout pattern developing with the resistance near the $9,375 area of the BTC/USD hourly chart.
There’s a chance for more upsides in the future with an upside break of more than $9,350. The next significant resistance is close to the $9,500 level. Higher than this and bitcoin could race towards $9,600 and $9,800.
Meanwhile, other cryptocurrencies showed positive gains throughout the day. Stellar’s (XLM) price rose by 25% after it was announced the company finished burning half of its token supply. The crypto is now trading at $.084 a coin and reported gains of more than 20%. The movement has led to speculations that XLM could start a new bull run.
Ethereum (ETH) has also gained around 1.85% and is presently at $190 a coin while XRP remained flat for most of the day. But it rose by 1.4% by press time and is trading at $.301 per coin.
Several analysts have noted that the upcoming Swell conference could bring volatility and more news to the trade market as the price of XRP appears to be gearing up to push forward.
The top 20 cryptocurrencies are showing mixed signals, with both red and green candlesticks making an appearance. Stellar is the day’s big winner, followed by Bitcoin SV’s (BSV) impressive 7% gain. Meanwhile, NEO suffered a 2% loss, making it the worst performing crypto today.