Bitcoin Price Losing Key-Support At $10,800? (Sunday’s Market Watch)

Bitcoin has remained relatively calm since yesterday, however, couldn’t overcome the following marked descending trend-line on the 4-hour chart, just around $10,800.

The situation among larger-cap altcoins is rather similar, except for Binance Coin (BNB), which has climbed to the 6th position.

Bitcoin Can’t Break Above $10,800

In the past 24 hours, the primary cryptocurrency attempted to overcome the $10,800 level on two separate occasions. The first one came as a sharp spike, but the subsequent rejection drove BTC down in the next few hours. Both attempts failed, as BTC is trading around $10,660 at the time of this writing.

From a technical standpoint, the first critical resistance in Bitcoin’s way upwards is at $10,780 – $10,800, as shown below. Should the asset conquer it, BTC could eye $11,000. In case the bull run continues, Bitcoin could face off the following resistance levels at $11,200, $11,360, and $11,530.

If a breakdown occurs, the support levels watching out for the largest cryptocurrencies are positioned at $10,580, $10,440, and $10,390.

BTC/USD 4-hour chart. Source: TradingView

Binance Coin (BNB) And Cardano (ADA) At The Top 10

After recovering some of the recent losses, most larger-cap alternative coins have calmed slightly. On a 24-hour scale, Ethereum has gained less than 1% to $358, while Ripple is practically at the same level as yesterday – $0.242.

The most impressive performer from the top 20 is Binance Coin. BNB has spiked by nearly 8% and trades close to $27 after the leading cryptocurrency exchange announced the new token to be farmed from the Binance Launchpool – Flamingo. This increase has resulted in BNB overtaking Chainlink (-3%) and Polkadot (-1.5%) for the 6th spot.

Another rotation has materialized further below, as Litecoin has dropped out of the top 10. Instead, Cardano has taken the coveted position after a 2.5% increase.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

Further gains are evident from mid and low-cap altcoins. The Midas Touch Gold has gained the most value since yesterday (24%). Yearn.Finance (13%), Ethereum Classic (11.7%), DFI.Money (11%), CyberVein (11%), Ren (10.5%), and Aave (10%) follow.

In contrast, DXChain Token has lost the most value with a 6% drop. Arweave (-5.8%), ABBC Coin (-5.7%), and Blockstack (-5.5%) are next.

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Cryptocurrency charts by TradingView.