Crypto price update: Bitcoin declines, but the picture remains unchanged
Bitcoin is sinking back and pulling other crypto coins down with it. Here's what you need to know about the current state of the market.
Bitcoin (BTC) has surrendered part of last night's impressive recovery. While Wall Street had an excellent day, the picture for Bitcoin remains unchanged. The price is stuck in an endless range, while volatility decreases further and further.
In this price update, we will tell you exactly how the crypto market is currently doing.
Investors held their hearts for a ‘Black Monday’, but the Nasdaq 100 is on track for its biggest day rise in a month. Bitcoin has also made a nice increase, but now the bears have the highest say again.
Around noon, the digital currency peaked at $83,000 and now the price is about $1,000 lower. That's still about $1,400 higher than yesterday's low.
But the Americans are still pushing the sales button en masse and that is in the way of a further rally.
Little has changed on the four-hour graph. The Bitcoin price seems to be stuck in a so-called bull flag. The main level at the top is around $84,000 and at the bottom it's just above $79,000.
If we zoom out a little further, we actually see a very healthy consolidation above the earlier breakout zone. The bulls seem to be turning the resistance level above $80,000 into a support, but the problem is that many traders and investors are starting to get impatient.
Analyst Roman sees a mountain of positive signals and thinks that a "midterm/Q4 rally" is coming soon.
Meanwhile, reports are circulating that there may be a breakthrough in a possible deal between Iran and the United States this week. According to the reports, the negotiators are trying to narrow the differences and record mutual concessions to prevent a new military escalation.
An agreement can bring down the sky-high oil price. This reduces inflationary pressures, which is good news for the financial markets.
At the time of writing, the BTC price is at $81,905, 1.04 percent higher than 24 hours ago. 71,081 euros are now paid for the largest crypto.
The rest of the crypto market is also taking a step back. The lion's share of the market is still green, but Bitcoin is currently attracting the most money.
Ethereum (ETH) records a gain of 0.81 percent, Ripple (XRP) of 2.12 percent and Solana (SOL) of 2.07 percent. Furthermore, a lot of attention is paid to Zcash (Zec) with an increase of 3.70 percent and NEAR Protocol (NEAR) of 3.89 percent.
Below are the biggest top 100 risers of the past 24 hours:
Below are the biggest top 100 decreasers of the past 24 hours: