Bitcoin Hit Lowest Low in Feb taking most Altcoins down by 7%
Bitcoin and most altcoins have started 2020 optimistically with Bitcoin trading at $7200. Bitcoin had an upwards trend which saw it break the $10,000 mark a few times this year. It seems that it could not break upper resistance and for the most part of February traded just below $10,000.
Some Altcoins on the other hand, managed to have wild gains and outperformed Bitcoin at times. One of the best performing altcoins of the year so far was Tezos. It started the year trading at $1.36 and went as high as $3.92 earlier this month which accounts to a 188% increase.
Cryptocurrency Markets Take a Tumble
The cryptocurrency markets have seemingly taken a bit of a down-turn. Bitcoin is currently trading at $9177, the lowest rates it has seen this month. In the past 24 hours, BTC lost 4% of its volume. This decline seemingly started on the 24th earlier this month.
Most altcoins tumbled harder than Bitcoin. Tezos (XTZ) has declined by nearly 15% today and most other alts have taken a dip somewhere between 7%-12%.
The few specks of green mostly seem to be stablecoins such as Tether, and BUSD whose value is pegged to the dollar. There were also a handful of smaller and lesser known altcoins which have seeming surged against the trend. The most notable is Aion (AION), which had a 22% rally and is currently trading at $0.163. Another example is Bytecoin (BCN) which rose by 5% and is trading at $0.000520.
Trend Reversal or Minor Retracement?
Seeing the current dip with Bitcoin, it is important to analyze the charts to see if what we are experiencing is a retracement or trend reversal.
The chart seemingly shows us that Bitcoin might have found support levels at $9200. The RSI is heading back from being over-sold to a healthier average. The Bollinger Bands also seem to be constricting, reducing the chance for much lower dips at this point in time.
Currently the charts seem to show that the BTC/USD trading pair has found support. While further dips are a possibility, it seems doubtful that Bitcoin will head below $9000 soon. So far it seems that Bitcoin is experiencing a correction and could head back north to $9,500 by the end of February.
As for altcoins, the majority will likely follow in Bitcoin's footsteps but with greater volatility.
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Written by Jonathan Ganor
Writer & cryptocurrency aficionado