Markets Are Recovering But Bitcoin Is Still Near $8,500: Analysis

This Monday morning, we can see that the cryptocurrency markets are recovering but there are still reds all over and Bitcoin is with a slow momentum near $8,500. The latest cryptocurrency news also show that the weekend was not much positive for BTC as the leading cryptocurrency, as it was dragged even lower than the expected resistance area.

For the better part of the day yesterday, the largest cryptocurrency has been trading within a tight range between $8,500 and $8,600 while slowly finding its way in the $8,700 price mark in the recent couple of hours.

As markets are recovering, Bitcoin is trading at a price of $8,555 and a 0.36% decline compared to the morning’s levels. The cryptocurrency was slowly finding its way towards the $8,700 price mark – but did not manage to do that as its main mission over the weekend.

On Friday, the Bitcoin updates showed that BTC attempted to break the $9,000 price level but was swiftly rejected and brought back to lower levels below $8,600 – where it remained throughout the entire weekend.

According to the analyst Michael van de Poppe, markets are recovering and the overall bullish sentiment could soon come back. However, he would like to “see a tick up to like $8,800 to confirm a slight trend reversal (like scenario),” as he said, adding:

“If not, this slow bleed could accelerate to $8,200 as the next level. Sentiment; fear. Obviously.”

The Ethereum news also show that ETH is sitting close to $184 per coin and shedded a couple of dollars overnight. The number one altcoin continues to trade in along with BTC and sync in with its price, showing upward price behaviour leading to the current trading position. The momentum for Ethereum at the moment, however, is better than the one for Bitcoin.

XRP, which is the third largest coin by market capitalization, has also lost ground in the past couple of days. Still, it joined the trend of minor recovery and posted gains of 0.45% at press time. XRP right now sits at around $0.262 per coin.

While the markets are recovering, most of the top 20 coins are showing little to no gains at all. Cardano (ADA) is taking the lead with a 4% growth on the day and a new price of $0.04. Tezos (XTZ) managed to rise by 5% and is now at $1.22.