Article Originally Featured in Coin Telegraph
Market visualization. Source: Coin360
Bitcoin price slowly erodes support above $10K
Data from Coin360 showed sideways price action as the order of the day for Bitcoin, which remained rangebound between $10,100 and $10,320.
As Cointelegraph reported, a longer period of low volatility saw only a brief interruption on Monday, when BTC/USD suddenly shed around $200. A subsequently rebound to previous levels slowly faded, leading to press time rates of $10,175.
The overall change for Bitcoin stood at 1.3% on the day, while weekly performance was also flat at 0.6% depreciation.
Bitcoin seven-day price chart. Source: Coin360
Commentators had previously eyed the potential for a shake-up during the week, but this had yet to begin as traders continued to wait for cues.
“Bitcoin continues to face a lot of selling pressure despite a bullish surge late on Monday. The bulls need to take charge and ensure defend $10K or there is a wider risk of downside in the short term,” regular Cointelegraph contributor Filb Filb said in private comments on Wednesday.
Continuing, he suggested the 20-week moving average (WMA) constituted the psychological barrier that protected Bitcoin from a more intense breakdown:
“Prices below 10k, in particular, $9,800 where the 20 WMA lies would risk a bigger selloff. A close above $10,500 would be considered bullish and a break from the descending resistance.”
ETH/USD steals the altcoin show
The largest altcoin by market cap gained 10% over the past 3 days, outpacing the remaining top twenty market cap coins.
Ether 7-day price chart. Source: Coin360
The overall cryptocurrency market cap stood at $265 billion, with Bitcoin making up 69.1% of the total.