The past 24 hours saw Bitcoin losing an important support level at $9,400. At the same time, the entire market continues to slowly bleed out, as it has been doing for the past few days.
Bitcoin Price Below $9,400
As CryptoPotato reported yesterday, Bitcoin continues to trade within a range between $9,200 and $9,500 for the last week, except for the wick to $9,000 on June 15th.
There’s a symmetrical triangle pattern in play that emphasizes this narrow range, hinting that the price is currently consolidating, making both bearish and bullish scenarios somewhat valid.
However, it’s worth noting that Bitcoin lost an important support level at $9,400, which has since turned resistance and gives slightly more weight to the bearish bias.
The market indecisiveness was also commented by the well-known cryptocurrency trader and analyst, LiBZ42, who outlined that a break is necessary to dictate the further direction of the market.
“As soon as Bitcoin breaks out of this daily range that we have been trading inside these last couple of weeks, the next few months of price action will become much clearer.
Break up and start a new weekly trend. Break down and resume the current weekly trend.” – he said.
Altcoins Bleeding Out
The situation with altcoins isn’t much different. In fact, most of the large-cap cryptocurrencies are bleeding out slowly while also remaining within a relatively narrow confined range.
As seen in the above heat map, over the past 24 hours, almost most of the altcoins lost a tiny chunk of their value, failing to indicate a clear direction.
The same is true for their Bitcoin-based value as the situation is almost identical. Bitcoin’s dominance, the indicator that measures BTC’s overall share relative to that of the entire market, hasn’t moved in the last day, staying firm at 64.8%.
Nevertheless, even though the overall picture seems relatively calm, it’s essential to approach the markets with increased caution. It’s almost always the case that when Bitcoin consolidates for a more extended period, the price explodes with a violent move in either direction.
Significant Daily Winners and Losers
Synthetix Network Token (SNX): +17.6%
Synthetix Network Token, ticked SNX on CoinMarketCap is the cryptocurrency that gained the most over the past 24 hours. It’s about 17.6% against the US Dollar and 19% against Bitcoin. It has a current market cap of about $269 million, boasting a 24-hour volume of about $8.3 million.
Celsius (CEL): +12,8%
Celsius, ticked CEL, is another significant daily winner. The altcoin went up almost 13% against the US Dollar and upwards of 14% against Bitcoin. It has a 24-hour trading volume of about $484,000 and sits on a current market cap of $60 million.
Flexacoin (FXC): -35.46%
Flexacoin is the cryptocurrency that lost the most during the last 24 hours. It’s down about 35% against the USD and approximately the same against Bitcoin. The daily volume on it is about $162,000 while its current market cap sits just shy of $85 million.
The post Bitcoin Loses Key Support at $9,400 as Altcoins Bleed Slowly: Saturday’s Market Watch appeared first on CryptoPotato.
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