After a work week filled with discouraging news of different shapes and sizes, bitcoin waited out long holiday weekends in Canada, the U.S., and other parts of the world above its new $19,000 support line.
The largest cryptocurrency by market capitalization was recently trading at about $19,200, roughly flat over the past 24 hours. At the time of writing, the Bitcoin price is changing hands at $19,108.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price holds its new $19,000 support; Ether is flat
Bitcoin fell below $19,000 at one point on Thursday following the U.S. Securities and Exchange’s (SEC) rejection of two spot bitcoin ETFs, a reprimand for troubled crypto hedge fund Three Arrows Capital and the latest drumbeat of discouraging economic indicators, but subsequently regained ground.
Bitcoin price action remains weak, with some volatility seen on both sides, which is typical in pauses between trend continuations. Currently, we expect BTC to see more downside action but we are also keenly watching the market’s reactions to assess a decline in selling momentum and interest.
“The vast majority of the largest spikes in Bitcoin whale transactions over the past week are occurring after small $100 to $200 BTC price gains. Prices have subsequently fallen after each of these temporary increases in $100k+ or $1m+ transactions”, Santiment reported.
Ether, the second-largest crypto by market cap, was changing hands below $1,100 and little changed from the previous day. Other cryptos were mixed with some flat, a few rising slightly, and others in the red. MATIC was recently down nearly 5% but AXS was up over 3%.
The overall cryptocurrency market cap stands at $863 trillion, and Bitcoin’s dominance rate is 42.2%.
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