The Bitcoin and altcoin news and rumors show that there is still a bit of tension on the markets – most illustrated with the inability of Bitcoin (BTC) to pass through the $8,800 region. As soon as the dominant cryptocurrency lost the support at $9,000, BTC is static and looks like it could drop to even lower grounds soon.
Data from the leading crypto analytics providers shows that Bitcoin has had another lackluster day and there is only a little progress over the past 12 or 24 hours. Meanwhile, if we go to a couple of days ago we can see that Bitcoin lost its foothold higher up at the start of this week and exited a trading corridor between $9,000 and $9,500 and so far was failing to reclaim it.
What’s interesting is the Binance Coin news and NEO updates, both of which are showing gains for the altcoins. While analysts remain bullish on longer-term market prospects and BTC is static, the short term could produce further downside:
“Overall trend is down… Volume is still bearish. It’s certainly a look to hedge short play for me going into the close,” the contributor filbilb stated on his Telegram trading channel this Tuesday.
While Bitcoin is changing hands with $8,800 with a 0.77% increase on the day, we can see that Binance Coin (BNB) has surged by 4.22% and is now at a price of $21.20. On the other hand, NEO is also rallying and managed to add 5.66% in the past couple of hours – arriving to a price of $13.
Nonetheless, every trader could feel the fatigue as BTC is stuck this Wednesday. The weekly performance shows a 6% loss for the coin despite the remaining 5% which are up overall compared to the same time last month.
The altcoin markets triggered the rise of the BNB and NEO altcoins, both of which were breaking out of their sideways pattern and would deliver noticeable moves. Out of the top twenty cryptocurrencies by market cap, NEO (NEO) and Binance Coin (BNB) were the clear winners on the day. Earlier today, their gains were 13% and 6.55%, respectively.
Meanwhile, the biggest altcoins Ethereum (ETH) and Ripple (XRP) are still hesitant to rise above 2%. While ETH is at $187 and cannot breach the $190 mark, XRP is at $0.2733 and is finding it hard to go through the $0.2900 region.
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