Bitcoin Price Struggles to Break Through Resistance at $9,000

Source : Bitcoin Price Struggles to Break Through Resistance at
,000
Advertisement Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.The cryptocurrency market recovery hit a wall on Tuesday, forcing the Bitcoin price back down to $8,500 and all major coins and tokens into decline as well.Source: CoinMarketCapThere was no clear trigger for the pullback, which brought an end to the market’s longest rally since December. Altogether, the cryptocurrency market cap declined by $18 billion, representing a single-day decrease of about four percent.Bitcoin Price Unable to Break Through Resistance at $9,000Late last night, the Bitcoin price made another push at $9,000, but — demonstrating the significance of that mark — the rally stalled at $8,999 on , after which BTC began to tumble. The Bitcoin price decline continued throughout Tuesday’s early morning hours, and BTC eventually hit a low of $8,313 before experiencing a minor bump. At present, Bitcoin is priced at $8,500, which translates into a $144.5 billion market cap provides the coin with a 34.9 percent market share.Bitcoin Price ChartNotably, Wednesday marks the expiration date for ’s February Bitcoin futures contract, so traders should keep an eye on that index as the day progresses. Price Slides Below $830The price matched the index on Tuesday, declining four percent to $828 on . now has a market cap of $81.7 billion, which leaves its total market share at 19.8 percent. Price ChartDespite this decline, investors should continue to monitor the impending introduction of CryptoKitties into China, which could provide the price with a minor bounce if the game proves as popular on the mainland as it is elsewhere.Altcoin Charts Turn RedThe altcoin markets glowed crimson on Tuesday, as just a dozen of the market’s 100 largest cryptocurrencies managed to mount an advance against the US dollar. Of the few cryptocurrencies that did post a single-day gain, none ranks in the market cap top 10.The price posted an eight percent pullback, perhaps indicating that investors are becoming more adept at separating information that is positive for (the company) from news that is bullish for the firm’s XRP token.Bitcoin Cash, meanwhile, is currently trading at $1,211 following this morning’s six percent decline., ranked fifth, endured a seven percent retreat and is now valued at $0.34. ’s ADA token now faces a serious challenge from , whose three percent decline allowed it to gain some ground on in the battle for the fifth-largest market cap. At present, the circulating ADA tokens are valued at $9 billion, leaving with just a $250 million edge on .The price posted a four percent decline to $154, while eighth-ranked made a five percent pullback to $107. and rounded out the top 10 with respective declines of six percent and eight percent, reducing their prices to $0.36 and $1.76.Featured image from Shutterstock.Follow us on Telegram.Advertisement

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