Market Mostly Trades Sideways as Bitcoin Price Hovers Around $7,200
Bitcoin price hovers around the $7,200 mark as the market remains sluggish following major losses on the week.
Tuesday Nov. 26 — Most cryptocurrencies are back to trading sideways, including Bitcoin (BTC) which has not been able to find higher trading levels in the past 24 hours.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin started the day at the $7,140 price mark, at which point the world’s largest crypto coin found an intra-day high of $7,320, before moving down again towards its current trading price near $7,190. After an unimpressive 24 hours, BTC is showing a minor gain of 0.05% on the day.
BTC is still down around 12% from the weekly open of $8,200, while, over the month, investors have lost close to $2,000 per coin.
Bitcoin daily price chart. Source: Coin360
Most bearish outlook puts BTC at $5,400
According to regular Cointelegraph contributor Filb Filb, the support at $6,500 was more than enough for the bulls. However, he also pointed out that there was a possibility that Bitcoin will need to do more business in the $6K price region, adding:
“The most bearish immediate outlook at the moment would be $6K failing to act as a support and a fast fall to retest the 200-week moving average, currently around $5,400.”
Bitcoin could close 2019 above $10,000
More positive about BTC’s outlook was PlanB, the Twitter analyst known for his Stock-to-Flow Bitcoin price charts. He suggested that Bitcoin could easily retake five figures before 2020. He wrote:
“Call me crazy, but it wouldn’t surprise me if BTC closes 2019 at $10k+ .. opportunities like this (#bitcoin below S2F model value, 6 months before the halving) are rare.”
Ether (ETH), meanwhile, continues to trade in sync with BTC. The number-one altcoin bounced off its daily low of $145 before moving up to its current trading price of around $149 per coin. Ether is showing a modest gain of around 1.3% at press time.
Ether 7-day price chart. Source: Coin360
XRP, the third-largest coin by market capitalization, is following today’s trend and is trading relatively flatly. The coin currently sits at $0.22 to show a gain of 0.75% on the day. The news that Ripple completed its original commitment with a final $20 million investment in money transmission network MoneyGram has had no effect on its trading price.
XRP 7-day price chart. Source: Coin360
Top 20 coins mostly in the green
The majority of top-20 coins are showing mild signs of recovery, with Tron (TRX) taking the lead, up more than 7% on the day. Followed by Huobi Token (HT) and Cosmos (ATOM) showing gains of around 3% and 4% respectively.
Tezos (XTZ) is the only of the top 20 to see a loss on the day, down 0.4%.
The overall cryptocurrency market cap currently sits around $196.7 billion, with Bitcoin making up 66.3% of the total.