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After a quiet Saturday in which cryptocurrency markets recorded relative levels of stability, volatility rose on Sunday. Bitcoin (BTC) remained stable, with most major altcoins falling slightly.
Earlier in the day, Bitcoin dropped to around US $ 3,550 before rebounding quickly, further reinforcing the idea that BTC has significant support at this price point.
Bitcoin (BTC) holds approximately $ 3,600
At the time of writing this article, Bitcoin is currently trading at its current price of $ 3,590. Last week, Bitcoin was caught in a price range between $ 3,550 and $ 3,650, and was not able to decisively cross its price level.
Earlier in the morning, Bitcoin had been pushed to $ 3,550, which was at the bottom of the above-mentioned trading range, but was soon propelled higher by cryptocurrency hikes.
The Cryptomist, a popular cryptocurrency operator on Twitter, talked about BTC's price action earlier in the day, noting that Bitcoin had managed to keep levels lower since early December.
"$ BTC … Support broken and bounced from a support that is holding up well since early December, thus maintaining higher lows … A stronger bbad wick suggests that bulls are really present in the region 3470 … The previous support on the RSI candle was now acting as a resistance … Sig escape before February 1, "she explained.
Broken support and rebound of a support that has been well maintained since early December, thus maintaining higher lows
The strong lower wick suggests that bulls are very present in the region 3470
Previous support on the RSI candle now acting as a resistor
Sig escape before February 1st pic.twitter.com/AT1ZMufDWZ– The cryptomist (@The Cryptomist) January 27, 2019
While this sentiment is cautiously bullish, DonAlt, another popular cryptocurrency badyst, shared a more bearish feeling in a recent tweet, noting that he believed a break below $ 3,000 would be more likely than break above $ 4,000.
"A 3k break seems more likely than a 4k break right now. I do not like Altcoin pumps while the BTC is slow. I'm hoping to deceive myself, "he said, referring to small-cap altcoins that have seen decent price gains in recent days.
A break of 3k seems more likely than a 4k break now.
I do not like Altcoin pumps while BTC is slow.
I hope I'm wrong.– DonAlt (@CryptoDonAlt) January 26, 2019
Altcoins: increased volatility
Although Bitcoin has managed to stay around $ 3,600, most of the altcoins have fallen today, with cryptography markets experiencing typical Sunday volatility.
Most major cryptocurrencies have fallen today, despite the current stability of Bitcoin.
At the time of writing this article, Ethereum is trading down 1.7% at the current price of $ 115. Ethereum, like most major altcoins, closely follows Bitcoin's price developments and fell to $ 113 earlier today, before bouncing back to its current price levels.
The XRP has also fallen today and is trading down nearly 2% at its current price of $ 0.31. The XRP has seen no significant rally since its decline earlier today, leaving it well above its weekly low, slightly above $ 0.30.
Featured images of Shutterstock.
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