- Bitcoin price movements are influenced by general market sentiments.
- BTC and major altcoins stay in in the ranges with bearish bias.
BTC/USD has been sitting in a tight range for about a month, some factors imply that a huge bullish trend may be around the corner. The number of Bitcoin long-term holders is in the rise, and it is a bullish signal, according to the on-chain cryptocurrency analytical service Glassnode.
"The last time we saw this amount of #Bitcoin that had not moved in over a year, was in early 2016 – preceding $BTC's bull run to $20k."
At the current price, over 70% of Bitcoin holders are making money, while only 23.8% addresses are in the red zone. A big cluster of 2 million addresses has a breakeven price in the range from $9,200 to $9,500 which explains while BTC bulls have a hard time pushing the price above this area.
Top-3 coins overview
BTC/USD touched the area close to $8,800 during the weekend; however, all moves below $9,000 critical level are still heavily bought. At the time of writing, BTC/USD is changing hands at $9,080, mostly unchanged since the start of the day and on a day-to-day basis. The coin may be vulnerable to sharp market movements amid a new wave of anti-risk sentiments. The local resistance is created by daily SMA50 on approach to $9,400.
BTC/USD daily chart
ETH/USD settled at $222.40 having recovered from the intraday low of $221.08. The coin is moving within the narrow channel with the bearish bias. The coin has lost over 1% since the start of Monday, however, the further sell-off may be limited by the daily SMA50 and the lower line of the Bollinger Band at $222.00.
ETH/USD daily chart
XRP/USD is changing hands at $0.1750. The cryptocurrency recovered from the weekend low of $0.1690, but the further upside is limited due to high level of uncertainty on the market. The coin has stayed mostly unchanged both since the start of the day and on a day-to-day basis, however the short-term bias is bearish. The critical resistance is created by a combination of daily SMA100 and the middle line of the daily Bollinger Band at $0.1930. The support comes at $0.1700.
XRP/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.