The price of Bitcoin (BTC) fell further, falling by around $ 300 in less than an hour on Sunday February 16, while offsetting some losses since with a rebound from $ 9,600 to $ 9,790 at the time of press.
1-day price table of the cryptography market. Source: Coin360
Bad weekend for Bitcoin price bullers
Most other cryptocurrencies, however, have experienced a much worse situation, as evidenced by the dominance of the Bitcoin market, which increased 1% from yesterday to 63.2%.
The bad weekend for the bulls started on Saturday after losing the $ 10,000 level. Today, the BTC / USD fell further and rebounded from a key resistance level at around $ 9,600, which also happens to be the 20 day or 20 MA moving average.
So what’s the next step for Bitcoin? The level of $ 9,850 must be recovered, according to the regular analyst of Cointelegraph Markets filbfilb, in order to avoid further decreasing between $ 9.4 and 9.5 K and $ 8.8 K in the support zones.
1 day BTC / USD chart. Source: Tradingview
It should be noted that the weekend’s drop left a so-called Bitcoin futures “spread” at $ 10,495, the price at which trading in CME BTC futures closed on Friday. As Cointelegraph has pointed out several times before, the phenomenon of filling these gaps when trade resumes – usually within a few days – has not gone unnoticed.
Meanwhile, the index of fear and greed has dropped from 64 to 59, which still means that market sentiment is currently “greed” and suggesting that the multi-week rally above $ 10,300 should be corrected.
Red altcoins across the board
Bitcoin’s 40% gains since the start of the year have seen many altcoins post even bigger gains. However, the reverse also seems to be true, as losses for altcoins also tend to be larger.
Ether (ETH) has dropped nearly 6% in the past 24 hours, while EOS, XRP and Bitcoin SV (BSV) have posted larger losses with -9.13%, 7 , 83% and 11.93%. Tezos (XTZ) was down 5.8% and Tone (TRX) fell almost 10%.
One notable exception, however, is Chainlink (LINK), one of the best performing cryptocurrencies in 2020. LINK has declined slightly but has already recovered and is now increasing by 6% on the day, according to Coin360 data.
“Well, we get the retracement,” commented Michaël van de Poppe, regular contributor to Cointelegraph Markets. He continued:
“Tracing is hard on some of these altcoins, but it also offers opportunities. I doubt we will see $ 9,400. “
At the time of publication, Bitcoin’s market dominance stood at 63.2%, with the market capitalization of the cryptocurrency falling by more than 2% on the day to $ 282 billion.