Market Watch: Is This the Calm Before the Storm as Bitcoin (BTC) Stalls at $90K?
Bitcoin’s price dipped below $88,000 yesterday but has rebounded to almost $90,000 as of now, which is essentially where it has sat for a few consecutive days.
Most altcoins are also quite sluggish on a daily scale, which raises the question of whether this is just the calm before the storm, given the economic week ahead.
BTC Back to $90K
The primary cryptocurrency tested the $94,000 resistance on a couple of occasions last week, before and right after the US Federal Reserve cut the interest rates by another 25 bps. However, it couldn’t continue further north despite both attempts.
After another rejection and a dip below $90,000, BTC went on the run again at the end of the business week, but this time it was stopped at $93,600. What followed was another instant drop on Friday from over $92,000 to under $90,000 in minutes. It found support at $90,000 and spent most of the weekend trading above it.
That floor gave in on Sunday evening when the bears drove bitcoin south to $87,600. It bounced off once again and now stands close to $90,000. This level has turned out to be quite significant in BTC’s movements as of late, but there is likely to be more volatility in the week ahead due to these important economic developments in the US.
For now, BTC’s market cap remains below $1.8 trillion, while its dominance over the alts is still under 57% on CG.
BTCUSD Dec 15. Source: TradingView
ETH Stands Strong
Ethereum has added over 2% in the past 24 hours and now trades above $3,150 despite some warnings about a potential crash to $2,500. TRX is the other notable gainer from the larger-cap alts, while BNB, XRP, and BCH are slightly in the red.
ZEC has dropped by 4% daily, while RAIN has gained 6% and sits at $0.008. More losses come from the likes of NIGHT and M – the former has dropped by 9% daily, while the latter has lost 7% of value.
The total crypto market cap has remained sideways at around $3,160 trillion on CG.
Cryptocurrency Market Overview Dec 15. Source: QuantifyCrypto
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