This weekend was quite exciting for the price of Bitcoin, as it finally made a decision and came out of a very tight trading range. Unfortunately, it went to the negative side, and BTC reached $ 8,816 at Binance Futures yesterday.
Most large-capital cryptocurrencies followed Bitcoin, but are now recovering as BTC continues to struggle around the $ 9,000 mark.
Bitcoin price around $ 9,000: the fight continues
After dropping to around $ 8,816 on Sunday, Bitcoin’s price rebounded and reached $ 9,160 at Binance. Since then, however, buyers have calmed down, and the price continues to struggle to establish control over the $ 9,000 level. At the time of this writing, Bitcoin was trading at around $ 9,100.
The $ 8,900 to $ 9,000 area is crucial for Bitcoin, and bulls must defend it to avoid possible new monthly casualties.
From a technical perspective, the first level of support for the low is precisely that area, followed by $ 8,800, which is where the price has come. Below that, demand can be expected at around $ 8,650.
Looking from above, the first significant supply area is around $ 9,200, followed by $ 9,300, which was Thursday’s high.
In any case, it is worth noting that a close below $ 9,300 to $ 9,400 is likely to favor downward bias.
As seen in the chart above, Bitcoin’s price was struggling long before yesterday’s fall. The BTC began to decline on June 24 with a few consecutive red candles, losing more than $ 500, destroying new hopes of breaking the coveted $ 10,000 mark.
Altcoins testing a recovery
Most large-cap cryptocurrencies are recovering somewhat from yesterday’s price drop.
As seen in the chart above, most of the market is currently in the green, showing increases in the range between 0.5% and 2%.
However, the fourth largest cryptocurrency, XRP, is facing major difficulties. Down 0.5% in the past 24 hours, it lost massive support at $ 0.18. Yesterday, its price dropped to $ 0.177 and jumped to $ 0.179, but failed to recover coveted support and was rejected where it is currently traded, at around $ 0.176. Against Bitcoin, XRP is also suffering as it is trading at multi-year lows.