Weekend Close, Crypto Markets Show Signs of Bullish Recovery, BTC Stumbles above $8.5K
Cryptocurrency markets are showing mild recovery signs. Ripple (XRP) shows trends of minor recovery while Bitcoin (BTC) is stumbling beyond the $8,500 price mark. The world’s largest cryptocurrency, bitcoin has been trading within a sharp range between $8,500 a- $8,600 for the better part of yesterday; and was heading towards a sloppy upward to the $8,700 price mark.
Well, until this morning when it dropped to the $8,400 price mark. The press time price is currently $8,428. Despite the coin posing a 0.32 % gain near Sunday’s close, there has been a meagre downside. However, in comparison to last week’s price BTC seems to be on a recovery stance.
Slow bleed to $8,200 possible?
Meanwhile, the coin’s swift journey upwards began on Friday with Bitcoin attempting to break the $9,000 price level. An attempt that overturned and the coin brought back around the low price points of $8,600. A level it has remained throughout the weekend.
Several analysts are hopeful that to maintain a positive bullish sentiment, the tick price should at least confirm a slight trend reversal towards the $8,800 mark. In case this scenario wont hold in the next few hours or days, there is fear that the slow price sheds could accelerate towards the $8,200 price level.
The second-largest coin by market capitalization, Ethereum is currently at the $183 price level. Cryptoknowmics’ weekend report for Ethereum showed that the leading altcoin was trading in perfect sync with Bitcoin. Meanwhile, ETH has confirmed that trend even again with an upward price movement to its current position.
XRP on the other hand has been consistently losing market traction for the past two weeks. However, the weekend was in favor of the third largest coin by market cap as it showed minor recovery trends with a gain of 0.45% during the weekend. XRP is currently sitting at $0.267 during press time.
About The Author
Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.
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