BTC correction reins in crypto market cap amid increased COVID-19 fears
Altcoin Market Pulls Back as Nasdaq Hits Brakes — Crypto Market Daily
The Nasdaq rallied 2% during Monday morning’s session and hit a new all-time high. However, it fell sharply and closed more than -2% down, making it the worst trading day in two weeks. Meanwhile, the S&P 500 closed -0.94% down. At the same time, the Cboe volatility index set a new high since June.
On the cryptocurrency side, the total market cap dropped $4 billion, or -1.5%, over the last 24 hours. However, Bitcoin dominance has increased by 0.4% to 61.5%, according to data from CoinGecko.
Bitcoin's (BTC) price hit a high of $9,342 around noon UTC on Monday before falling along with U.S. stocks. In today's early morning, BTC hit a low of $9,149, as per OKEx’s BTC Index Price, before bouncing back to the $9,200 area. The market-leading cryptocurrency has dropped -0.94% over the last 24 hours.
All major cryptocurrencies underperformed against Bitcoin, and we have seen large pullbacks in many coins that have risen sharply over the past few days.
ChainLink (LINK) cooled off after hitting an all-time high of $8:50 on Monday morning. It dropped to as low as $6.86 before recovering to $7.20. Buyers may still keep the momentum because the price has been supported by the $7.00 threshold.
Cardano's Ada (ADA) lost -6.67% after failing to break the $0.14 resistance level. Currently, Ada is trading at $0.124 — still up 50% over the past month.
Moreover, the price of ether (ETH) decreased by -1.83% in the last 24 hours — less than most altcoins.
Top gainers and losers
- ORBS/USDT +17.58%
- HYC/USDT +16.09%
- RVN/USDT +9.31%
- APIX/USDT -12.82%
- AAC/USDT -18.57%
- NDN/USDT -22.46%
NDN Link (NDN), listed on yesterday’s Top Gainers list, gave back all its returns over the last 24 hours — dropping a massive -22.46%. Meanwhile, APIX received a -12% retreat for the second consecutive day.
BTC technical analysis
Because of the relatively minor price change, we zoomed in to the 15-minute level chart for a more detailed observation. A bearish divergence formed last night. BTC then lost the $9,300 support line and dropped to $9,150. Today, $9,300 is a major intraday resistance level.
The BTC long/short ratio has risen back above 1.1, indicating that retail traders believe that $9,150 could be a short-term low.
ETH technical analysis
ETH is still looking stronger than BTC. Although it failed to hold the key level of $241, the 60-day moving average on the four-hour chart is a threshold in the short-term.
If ETH cannot hold above this moving average, it could drop to a previous support level around $233.
LINK technical analysis
In terms of LINK’s trading volume, it is now entering a consolidation phase after a major price increase.
LINK traders now could be taking some profits before setting a take-profit stop and holding the rest of their positions. An intraday threshold is the 60MA on the hourly chart — which is sitting near $7.00.
Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.