Bitcoin Price Analysis: BTC/USD is in technical retreat, in the long-run $100,000 is still a possibility
Bitcoin has been losing ground since Thursday amid technical correction as bulls stumbled upon a stiff resistance created by $10,500. At the time of writing, BTC/USD is changing hands at $10,120, down 2% on a day-to-day basis. With the total market capitalization of $184 billion BTC controls 61.9% of the market.
The cryptocurrency market has been on an upward roll since the beginning of the week. The bulls have not been afraid to flex their muscles with some stamping their feet on the bears. Ripple and other major cryptoassets jumped above critical barriers to form new 2020 highs. In particular, XRP gained incredibly from last week’s support at $0.28, advancing above $0.30. A new high was formed marginally below $0.35. Bitcoin closed in on $10,500 while Ethereum clocked $275 before correction took over.
ETH, the second-largest digital asset with the current market value of $29 billion, hit the highest level of 2020 at $277.39 on February 13. By the time of writing the coin has retreated to $261.40 amid technical correction on the cryptocurrency market. ETH/USD has lost nearly 2% in recent 24 hours and stayed mostly unchanged since the beginning of the day.
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