Crypto market update: Bitcoin ignores ongoing altcoin dive

While most of the top five cryptos are in the red, NEO is up 1.85% on the day.
The current BTC trend at the moment is sideways and is likely to stay that way.

John Isige FXStreet

The cryptocurrency market has started to navigate a sea of red waters on Thursday afternoon, European session. Most of the major digital assets are in the red accept Bitcoin which has ignored the brief dive led by Ripple (XRP). While most of the top five cryptos are in the red, NEO is up 1.85% on the day.

Bitcoin has given a blind eye to the slightly bear pressure to post gains of 0.95%. It opened the trading at $5,321.61 and has achieved intraday highs of $5,382.12 before correcting to the current $5,368.26.

Looking at the 60-minutes chart, we see the price above both the 50 SMA and the 100 SMA both of which will offer support in the event a reversal occurs towards $5,200. The current trend at the moment is sideways and is likely to stay that way until a break takes place above $5,400.

The support at $5,350 is in danger but stronger support is observed at $5,300, $5,100, $5,000 and $4,950.

BTC/USD 1-hour chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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