HomeTradingBitcoin tests the $9800 threshold. Other cryptocurrencies on the rise

Bitcoin tests the $9800 threshold. Other cryptocurrencies on the rise

BTC, which closed the month of August with a slight loss of less than 2%, is now up and testing the $9800 threshold.

bitcoin threshold

Today’s rise, which is a reaction that began in the early hours of Sunday afternoon, sees bitcoin rise by 2.5% and recover the $9,800 threshold, a level abandoned during last week’s downturn that drove prices to test the $9,300.

In any case, the positive sign prevails among the first 100 cryptocurrencies today with over 65% of them above parity. This is a start to the week that opens the month of September, statistically a positive month. 

The negative closure of August is left behind. Only Ethereum Classic among the top 30 had closed the month of August positively with a +5% on a monthly basis. In August, the losses went well beyond the double-digit figure, especially in the case of Litecoin which, from the levels of early August, closed the month with more than 30% loss. 

It is an indication that has seen the whole sector suffer a bit, while bitcoin has managed to establish itself as a safe haven asset. 

The best cryptocurrencies of the day

On a daily basis, the best is Dragon Coins (DRG), with a rise of almost 30%. With capitalisation rising to $48mln, Dragon Coins took the 90th position. Enjin Coin (ENJ) also performed very well, which, together with Grin (GRIN) and Beam (BEAM), is up 15%. 

Among the best known there is Monero, in 11th position who, together with Ethereum Classic in 16th, climbs 5% on a daily basis.

bitcoin threshold

Binance Coin (BNB) is also back on the rise with a 4% increase, which began after sinking with a Saturday low and returning close to $20, levels that Binance hadn’t seen since last May.

Today’s worst falls

In contrast, the worst of the day is Energi (NRG), the only one to fall with a double-digit drop, -13%. Another negative performance is that of Egretia (EGT) which, after the excellent performance of last week, slips by 5%. However, Egretia remains above the $75 million capitalisation level and manages to maintain its 70th position in the overall ranking.

The market cap

The current rebound brings the market cap back to $254 billion and the dominance of bitcoin returns close to 70%, levels last recorded in early August and which had not been recorded since March 2017. 

This highlights the dominance of bitcoin which, despite the difficulties of recent weeks, manages to drain sales and avoid breaking through the most dangerous support thresholds in the medium to long term.

 Ethereum’s dominance fell to the lows of the year, close to 7.3%, while Ripple, on the other hand, managed to stay above 4.3%, where it had been fluctuating for over a month.

bitcoin threshold

Bitcoin (BTC) must recover the $10,000 threshold

Over the past few days, the breaking of the 10,000 dollars has pushed the prices of bitcoins to test for the third time in two months the threshold of 9,200-9,300 dollars, which therefore becomes a crucial resistance level for bitcoin. 

BTC, from a long-term perspective, continues to maintain the upward trend, despite a loss that from the highs of the end of June registers a -30%. 

For bitcoin, it will be very important in the coming days to recover the psychological threshold of 10,000 dollars, to confirm the positive trend that usually characterises the month of September. At the moment, however, it is worth observing the holding and consolidation of the minimums recorded 72 hours ago.

bitcoin threshold

Ethereum (ETH): downward trendline is broken

The situation of Ethereum is different. The break-down of the trendline that supported the uptrend for more than eight months indicates a stop signal in the long run. 

In the next few days, Ethereum must not go below the threshold of 155 dollars and recover as soon as possible the 185 dollars, a level that, with a possible return of new purchases, would bring the prices to test the psychological threshold of 200 dollars, abandoned on August 20th.

The short-term trend continues to be set downward, while in the medium to long term prices have entered a moderately bullish trend.

Federico Izzi
Federico Izzi
Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".