Over the weekend, the bears took control of the cryptocurrency market in a downside correction. Despite the efforts of the bulls to reclaim key resistance levels, the Bitcoin price fell as low as $19,162.31 and remains at risk of breaking more support levels. Altcoins aren’t doing any better but the bears are affecting some more than others.
Bitcoin Price Analysis Today
At the time of writing, the price of Bitcoin was $19,344.65. The first and largest cryptocurrency per market capitalization was down by 0.94% over the last trading hour. Within a 24-hour trading period, the BTC price moved as high as $19,542.54 and fell as low as $19,344.65. This narrow 24-hour trading range shows that the bears are still in control of the market.
Before the end of the week, the Bitcoin price needs to surge above the key resistance at $19,542.54 if there is going to be any hope of retesting the $20,000 level short-term. On the downside, if the support at $19,162.31 is lost, the BTC price may fall back to the $18,000 level again.
Traders Shift Focus to Some Altcoins
As Bitcoin struggles to gather significant momentum, altcoins are following relatively the same pattern. However, traders seem to be expanding more of their portfolios to altcoins like XRP, UNI, and QNT have been getting some attention from the bulls. Despite the short-term bear rally, long-term indicators show that these altcoins are mostly bullish against the USD.
At the time of writing, the price of XRP was $0.5191. The token has been bullish for the last 30 days and the bulls aren’t letting go anytime soon. Over the last 24 hours, the XRP token has surged as high as $0.5414 and corrected to the $0.5141 level.
UNI and QNT are also doing well. Onchain activity shows a boost in investor interest in these altcoins as Bitcoin tries to consolidate.