Bitcoin Price Struggles to Stay Above $10,000 while Ethereum and XRP Are Down

Coinspeaker Bitcoin Price Struggles to Stay Above $10,000 while Ethereum and XRP Are DownBitcoin which was on an upswing last week took the beating on the weekend. The Bitcoin price nose-dived below $10,000 levels on Sunday, February 16, losing more than $300 in an hour.Having broken this crucial support, the world’s largest cryptocurrency looks under selling pressure correcting further. At press time, Bitcoin is trading at $9,803 with a market cap of $178 billion. With its price crashing over the weekend, Bitcoin has swept all its last week’s gains.Last week, Bitcoin and the overall crypto market surged after Federal Reserve Chairman Jerome Powell praised cryptocurrencies and the blockchain tech. The crypto market reacted positively after Powell said that digital currencies can be a threat to the USD.But along with Bitcoin, the overall crypto market looks in red today. In fact, Bitcoin has limited its drop to under 3% while all other top-ten cryptocurrencies have lost around 8-10%. Thus, despite the fall on weekend, Bitcoin dominance has surged 1% up taking 63.5% of the overall cryptocurrency market cap.The Relative Strength Index (RSI) for Bitcoin is moving towards average which indicates the chances of falling prices. If Bitcoin fails to hold the RSI 50 levels, it can further fall below $9700 levels. If we have to see the bull pointers, the moving averages are keeping the hopes alive. The 50-day SMA is crossing the 200-day SMA which indicates a bullish sign for the medium-term technical chart. Any trigger of the BTC price above $10,000 can set the next target as $11,000.Another indicator called the Fear and Greed Index has dropped from 64 to 59. This means that the market sentiment is currently greedy and any multi-week rally above $10,300 shall be followed after some correction.Altcoins Drag the Market DownsideAs stated, altcoins have dropped massively today dragging the overall crypto market downwards. All of the top-ten altcoins have lost nearly 8-10%. This has wiped out all the market gains for the last week. In this correction, the overall cryptocurrency market cap has lost $25 billion in just the last 24 hours.Ethereum has lost around 7% in the last 24 hours. Now the ETH price is $250. At the same time, the losses of XRP are close to 10%. The XRP price is $0.28 which is still significantly higher than a few months ago.In another positive development, a senior advocate of Donald Trump‘s government has proposed to exclude several assets from investment tax. This can possibly fuel more investments coming in traditional stock markets as well as the crypto markets.The member has proposed introducing a general savings account which can take care of the healthcare, retirement and education savings under one umbrella. Besides, all investments done through this account and the profits derived shall remain tax-free.Bitcoin Price Struggles to Stay Above $10,000 while Ethereum and XRP Are Down

Disney (DIS) Stock Down 1.1%, Analyst Says Parks Attendance May Need 2 Years to Normalize
Wednesday April 08, 2020

Coinspeaker Disney (DIS) Stock Down 1.1%, Analyst Says Parks Attendance May Need 2 Years to NormalizeThe Walt Disney business has been seriously hit by the stay at home orders caused by the ongoing coronavirus. The Walt Disney Company (NYSE: DIS) stock fell 1.2% in after trading hours on Tuesday and is 1.1% down now, after […]

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