Bitcoin price has fallen further dropping about $300 in less than one hour on Sunday, Feb. 16, though paring some losses since with a bounce from $9,600 to $9,790 at press time.
Bad weekend for Bitcoin price bullsMost other cryptocurrencies fared much worse as evidenced by Bitcoin's market dominance rising one percent from yesterday to 63.2%.The bad weekend for the bulls began on Saturday after losing the $10,000 level.
Today, BTC/USD tumbled further and bounced off a key resistance level at around $9,600, which also happens to be the 20-day moving average or 20-MA.So what's next for Bitcoin? The $9,850 level need to be reclaimed, according to regular Cointelegraph Markets analyst filbfilb, in order to avoid dropping further to $9.4-$9.5K and $8.8K support areas.
Worth noting is that the weekend drop has left a so-called Bitcoin futures "Gap" at $10,495, the price at which CME BTC futures trading closed on Friday.
Altcoins red across the boardBitcoin's 40% gains year to date have seen many altcoins posting ever bigger gains.
The opposite appears to also be true as the losses for altcoins tend to be bigger as well.
Ether is down almost 6% in the past 24 hours, while EOS, XRP and Bitcoin SV saw heavier losses with -9.13%, 7.83% and 11.93%, respectively.
LINK has dropped slightly but has already recovered and now up 6% on the day, according to data from Coin360.
"Well, we get the retracement," commented regular Cointelegraph Markets contributor Michaël van de Poppe.
At press time, Bitcoin's market dominance stands at 63.2% with the cryptocurrency market capitalization dropping over 2% on the day to $282 billion.
Bitcoin Price Falls to $9.6K Amid Bloody Sunday for XRP, ETH, Altcoins
Udgivet den Feb 16, 2020
by Cointele | Udgivet den Coinage
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