Bitcoin (BTC) has returned to the $10,000 region while Ether (ETH) inches above the $220 mark after the cryptocurrency market suffered a few blows.
Bitcoin (BTC) is in a better position at the time of writing after struggling for almost 48 hours to return to the $10,000 region.
The BTC/USD pair currently trades at $10,517.28, increasing by six percent in the past 24 hours. FXStreet noted that BTC “has been range-bound during early Asian hours. consolidating gains of the previous session.
While BTC succeeded in breaking past $10,000, it now faces the next challenge to clear the $11,000 level. FXStreet added:
“The Bitcoin (BTC) price is sandwiched between strong support and resistance levels created by critical technical indicators. Both bulls and bears might find it hard to push the price their way, which makes the coin vulnerable to sharp moves on breakouts.”
Bitcoin experienced a price dip in the past days, trading near $9,000. The issue with Facebook’s Libra is among the factors that may have driven the BTC price down south.
Ether (ETH) is back above the $220 mark after settling close to $200. Now poised to recover alongside the entire cryptocurrency market, ETH may clear the $230 level and earn a ticket to the $250 region. Going beyond this mark, however, may prove to be too much of a challenge for the ETH/USD pair.
FXStreet reported the possible scenario should the ETH price fail to keep its upward momentum:
“On the downside, the initial support is created by the middle line of 4-hour Bollinger Band at $214. A sustainable move below this handle will open up the way towards the next bearish aim of $200 and $195 (the lower lim=ne of 4-hour Bollinger Band). The next support awaits at the recent low of $192.00.”
The pair currently trades at $221.66, with a 3.5-percent increase in the past 24 hours.