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.

Keep track of top crypto markets in real time here

Original source: https://cointelegraph.com/news/market-mostly-trades-sideways-as-bitcoin-price-hovers-around-7-200

RegisterIt's Not Free, Yet ... You Won't Regret It !!!

By registering you'll gain access to a comprehensive eCourse on the bitcoin and cryptocurrency matter. Complete with resources guide and checklist. You may be able to post your news articles, opinions, and or other brain spinnings to our website as well. Even the possibility to advertise your banners in prominent adspots is available.

Seriously interested ??! Click Here to register.