Yesterday was a bloody Monday for cryptocurrencies as the Bitcoin BTC price fell below the $19,000 level in market-wide bear oppression. Altcoins followed Bitcoin’s downtrend throughout the day but the market quickly gained some momentum this morning. The cryptocurrency is now recovering against the USD but it is not out of the woods yet.
Bitcoin (BTC) Price Analysis – Will the Bulls Maintain Momentum?
At the time of writing, the price of Bitcoin was $19,238.56. The cryptocurrency is up 2.94% against the USD. Within the last 24 hours, Bitcoin has reached an $18,762.22 low and a $19,639.48 high. The $19,639.48 presents strong resistance that the coin must overcome if the bull run is to last.
A price recovery after a deep dive is not unusual for Bitcoin. However, it does not mean that the bears are done with the cryptocurrency. Bitcoin still has to pass the resistance at $19,639.48 if there is to be any hope of retaking $20,000 in the next trading days.
ETH, XRP, and Other Altcoins are Recovering With Bitcoin
In other news, altcoins have also started showing signs of recovery. The price of ETH has been disappointing because the token was expected to surge after the Ethereum 2.0 upgrade. ETH is now trading at $1,350.70, up 2.49% against the USD. It is trading in the $1,314.05 and $1,388.27 range but runs the risk of falling back to the $1,200 if the bulls are unable to hold the momentum.
BNB is still struggling to gain momentum but XRP has moved higher to the $0.3878 level. The token is up 9.48% against the USD. XRP is currently the best-performing token among the top ten on Coinmarketcapital. It is trading in the $0.3516 and $0.3915 range.
The trading pattern of Bitcoin and altcoins in the next few days will determine if the recovery will last. For now, all investors can do is hold their ground and see what happens.