Bitcoin fails to sustain upward momentum as it clings onto $20,500
Bitcoins' recent move from $18,600 to $21,000 flipped market sentiment somewhat. However, the market leader got rejected from $21,000 and has been struggling to hold on to $20,500 for support.
S&P 500 had its breakout 2 days ago and despite this impressive run from June lows, it's still 5% off of its target. 3870 was the pivot point for the recent crash, and is currently a point of interest for both buyers and sellers. If the index fails to push through, we could see another move down.
Meanwhile, DXY could resume its uptrend in the coming days given that the GDP data out today shows the relative strength of the economy. We may see another retest of 111.7 in the coming days.
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Bitcoin Technical Analysis
Bitcoin price has been relatively volatile lately, but until it breaks out of the current range, it doesn't mean much in the broader scenario. For now, however, holding the range between $20,000 and $20,500 is crucial for bulls.
With equities falling and GDP coming out bullish for DXY, it seems likely that we’ve come to the tail end of this bear market rally. If Bitcoin fails to hold $20,500, bears may start to regain control.
ETH Technical Analysis
Ethereum has been consolidating in a tight range between $1,580 and $1,540 after reaching its breakout target of $1,595. Looking at ETH/BTC we can see our previous rally started from the same area and ended at our current level. We can also see volume drying up on the ETH/USDT chart — signs implying that a move down for the price of ETH is more likely than a move up.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.