BTC correction reins in crypto market cap amid increased COVID-19 fears
Altcoins Look for More Upside as BTC Consolidates — Crypto Market Daily
As of 8:00 am UTC, the Bitcoin (BTC) price was trading near $11,840 — up approximately $350 as of the same time on Friday. The price hasn't changed much in the past 24 hours after peaking at $11,980 on Saturday, as per OKEx BTC Index Price. The total cryptocurrency market capitalization stabilized at around $380 billion. Meanwhile, Bitcoin's dominance has declined to below 57%, as per data from CoinGecko.
The Litecoin (LTC) price has achieved four consecutive days of gains and has now risen from $55 to $64. It is still far from the upper resistance level of $73. The price has stayed strong above the 30-hour moving average.
The Chainlink (LINK) price rallied for five straight days after testing the $12 support level on Aug. 10 — reaching an all-time high of $20 yesterday. However, we have seen some profit-taking action in recent hours, since it is down 4% today.
TRON (TRX) is also promoting DeFi in its new ecosystem JUSTswap, which will launch in the next 24 hours. TRX is up 15%.
Other top large-cap altcoins saw marginal changes, with Ether (ETH) down 0.06% and Bitcoin Cash (BCH) up 0.14%.
Top altcoin gainers and losers
- ZIP/USDT +61.53%
- OMG/USDT +60.87%
- KCASH/USDT +38.56%
- ROAD/USDT -6.78%
- WGRT/USDT -16.45%
- CRV/USDT -24.92%
Due to the huge daily supply of Curve's token, CRV, its price continues to fall toward a theoretical price of $1. It is down 24.92% over the last 24 hours.
BTC technical analysis
The BTC price is seeing significant resistance near $12,000. We have seen divergences on the MACD indicator across multiple time frames. While Bitcoin consolidates, it could be another sweet time for altcoins.
An intraday threshold is located at $11,650 with further support near $11,200. In the meantime traders need to pay attention to the CME gap, which is between $11,715 and $11,740. The CME Bitcoin futures price now has about $150 premium over the OKEx BTC Index price.
ETH technical analysis
ETH is in a consolidation phase after hitting a recent high of $445 over the weekend. However, the correction has not been big, indicating market participants still have strong buying power. ETH still has a chance to test its previous high.
An intraday threshold sits at $416. If it breaks, it may test the lower support near $400.
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