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Bitcoin Pulls Back After Briefly Breaching $9,000 – Cryptocurrencies moved mostly lower on Monday, with Bitcoin unable to mount a fresh attack on the $9,000 level it briefly breached last week.

Cryptocurrencies overall were moving lower, with the total coin market capitalization at $272.02 billion at the time of writing, compared to $276.88 billion on Sunday.

traded down 3.1% to $8,527.8 on the Index as of 9:04 AM ET (13:04 GMT), off the 2019 high of $9,045.9 reached last Thursday.

After tumbling from record highs close to $20,000 reached in December 2017, the digital currency spent most of the first quarter of 2019 hovering below the $4,000 level before regaining momentum early last month. The largest digital currency by market cap is up 130% year-to-date.

The rally brought back memories of the crypto-craze seen in 2017. The Wall Street Journal noted that a couple of call options on Bitcoin had been written at strike prices of $50,000 and $36,000, trades that only pay off if bitcoin surges past those levels. It noted that a “small number of wildly optimistic bets in bitcoin options don’t mean its current surge will continue.”

Matt Weller, global head of market research at GAIN Capital, recommended keeping an eye on the $8,000-$9,000 range.

“A break below Thursday’s low and the 20-day moving average at $8,000 would confirm the reversal and open the door for a retracement back toward $7,000,” he said. “While not the likeliest scenario at this point, a close back above $9,000 would signal that bulls have weathered the storm and clear the way for a likely continuation toward the widely-watched $10,000 level next.”

In other digital currency trading, rose 0.7% to $0.44728, dropped 3.3% to $262.95, while traded down 2.9% to $112.5.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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