Bitcoin Price Brake Back to $10400 0 737

Bitcoin Price Brake Back to $10400

It’s a mixed start to the day for the crypto majors. A Bitcoin break back through to $10,400 would provide the pack with support.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $10,464.0 before hitting reverse.

Falling short of the first major resistance level at $10,579, Bitcoin slid to a late intraday low $9,882.4. Bitcoin fell through the first major support level at $10,065 recovering to wrap up the day at $10,100 levels.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$10,000. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was another mixed day for the majors on Tuesday.

Binance Coin (+3.56%), Monero’s XMR (+1.64%), and Tron’s TRX (+8.15%) bucked the trend on the day. It was a bearish day for the rest of the majors, however.

Ethereum and EOS led the way down, with losses of 4.59% and 3.26% respectively.

Bitcoin Cash ABC (-2.23%), Bitcoin Cash SV (-2.53%), Cardano’s ADA (-2.65%), Litecoin (-2.82%), Ripple’s XRP (-2.42%), Stellar’s Lumen (-1.77%), and Tezos (-2.29%) also joined Bitcoin in the red.

In the current week, the crypto total market fell to a Monday low $298.39bn before rising to a Tuesday high $317.82bn. At the time of writing, the total market cap stood at $308.44bn.

Bitcoin’s dominance fell to a Monday low 60.36% before rising to a Monday high 61.19%. At the time of writing, Bitcoin’s dominance stood at 60.65%.

At the time of writing, Bitcoin was down by 0.11% to $10,137.2. A mixed start to the day saw Bitcoin fall to an early morning low $10,103.0 before rising to a high $10,166.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (+1.16%), Bitcoin Cash SV (+0.22%), Ethereum (+0.06%), Litecoin (+0.34%), and Tron’s TRX (+1.61%) found early support

At the time of writing, Stellar’s Lumen was down by 0.62% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $10,165 pivot level to support a run at the first major resistance level at $10,447. Support from the broader market would be needed, however, for Bitcoin to break back through to $10,400 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $10,464.0 would likely cap any upside. In the event of a crypto breakout, Bitcoin could test resistance at $10,700 before any pullback. The second major resistance level sits at $10,746.

Failure to move through the $10,165 pivot would bring the first major support level at $9,866 into play. Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,583.

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Performance of Bitcoin, Ethereum, Binance Coin, and more Major Cryptocurrencies in Past 7-Days 0 87

Among major cryptocurrencies, the cryptocurrency on top of the list is Bitcoin (BTC), demonstrating a 7.73% plunge in the past 7-days. In addition to the past 7-days, BTC has demonstrated a 0.88% plunge in the past 24-hours, bringing its price down to $54,367.96 per BTC. In the past 7-days, the trading volume presented by BTC is $301,590,859,341, and as for the past 24-hours, the trading volume has been $27,123,144,567. Bitcoin’s market capitalization is $1,025,528,906,349.

The next cryptocurrency after BTC is Ethereum (ETH) that has demonstrated a 6.72% plunge in the past 7-days. In addition to the past 7-days, ETH has demonstrated a 1.43% plunge in the past 24-hours, bringing its price down to $4,069.74 per ETH. In the past 7-days, the trading volume presented by ETH is $153,390,144,193, and for the past 24-hours, the trading volume has been $14,288,475,596. ETH’s market capitalization is $482,536,352,740.

The next cryptocurrency after ETH is Binance Coin (BNB) that has demonstrated a 1.25% surge in the past 7-days. In addition to the past 7-days, BNB has demonstrated a 0.36% plunge in the past 24-hours, bringing its price down to $594.64 per BNB. In the past 7-days, the trading volume presented by BNB is $11,052,991,055, and as for the past 24-hours, the trading volume has been $2,624,786,716. BNB’s market capitalization is $99,339,989,069.

The next cryptocurrency after BNB is Solana (SOL) that has demonstrated an 11.31% plunge in the past 7-days. In addition to the past 7-days, SOL has demonstrated a 4.70% plunge in the past 24-hours, bringing its price down to $188.92 per SOL. In the past 7-days, the trading volume presented by SOL is $17,623,413,018, and for past 24-hours, the trading volume has been $1,532,855,227. SOL’s market capitalization is $57,691,831,963.

The next cryptocurrency after SOL is Cardano (ADA) that has demonstrated a 19.82% plunge in the past 7-days. In addition to the past 7-days, ADA has demonstrated a 3.38% plunge in the past 24-hours, bringing its price down to $1.50 per ADA. In the past 7-days, the trading volume presented by ADA is $10,794,051,803, and as for the past 24-hours, the trading volume has been $1,576,176,273. ADA’s market capitalization is $50,142,620,175.

The next cryptocurrency after ADA is XRP (XRP) that has demonstrated a 13.32% plunge in the past 7-days. In addition to the past 7-days, XRP has demonstrated a 2.03% plunge in the past 24-hours, bringing its price down to $0.934 per XRP. In the past 7-days, the trading volume presented by XRP is $21,134,881,131, and for past 24-hours, the trading volume has been $2,324,678,870. XRP’s market capitalization is $44,036,264,454.

The next cryptocurrency after XRP is Polkadot (DOT) that has demonstrated an 18.52% plunge in the past 7-days. In addition to the past 7-days, DOT has demonstrated a 4.19% plunge in the past 24-hours, bringing its price down to $33.81 per DOT. In the past 7-days, the trading volume presented by DOT is $14,474,918,716, and for the past 24-hours, the trading volume has been $1,197,508,287. DOT’s market capitalization is $33,318,274,781.

Paytm Founder Believes Crypto is Here to Stay 0 83

One of the most prominent digital payment companies based in India is Paytm and its founder recently shared his views about the cryptocurrency space. He appears to be quite positive about crypto and notes that it is here to stay. As a matter of fact, he thinks that crypto will become a mainstream technology in a couple of years. The Indian Chamber of Commerce (ICC) organized a virtual conference on Thursday that provided Vijay Shekhar Sharma the opportunity to speak. Paytm’s founder said that cryptocurrency will stay and is the answer Silicon Valley has to Wall Street. 

A multinational technology company, Paytm is based in India and specializes in digital payments. Last week, the company completed its Initial Public Offering (IPO). Paytm disclosed in its IPO filing that its total number of registered users has reached an impressive 337 million and is dealing with 22 million merchants. Sharma opined that he was very positive about cryptocurrencies because they are based on cryptography and in a couple of years, they would also become a mainstream technology very much like the internet that has now become a part of our daily lives. The Paytm founder did admit that currently, people were only using crypto as a means of speculation.

He elaborated that right now, every government appears to be confused about cryptocurrency, but in a time span of five years, crypto would become mainstream technology. Sharma thinks that people will come to see what the world will be like without crypt. But, he was quick to add that this doesn’t imply that digital currency would actually replace sovereign currencies, such as the Indian rupee. The Paytm founder also added that once his company’s revenue goes past the $1 billion thresholds, he will launch the service in some developed countries as well. 

Currently, he said that Paytm was running the largest payments system in Japan in a JV, but they would go without a partner later on. The Chief Financial Officer (CFO) of Paytm, Madhur Deora had said early this month that his company was considering offering bitcoin services to people, if cryptocurrencies are to be legalized in India. However, this does not seem to be likely any time soon because the Indian government has certainly not taken a positive stance towards these crypto assets. As a matter of fact, the government recently made headlines as it is pushing for crypto legislation in the country and not the good kind.

It is expected that a crypto bill will be introduced and passed in the parliament’s winter session that will begin next week. The purpose of the bill is to impose a ban on private cryptocurrencies, but there are expected to be some exceptions. But, since the bill has not been published, it is not clear as to what kind of exceptions will be applicable. There have been conflicting reports and debates, as some people believe that it just might legalize a few cryptocurrencies, while others believe it will ban them completely in favor of the digital rupee to be introduced by the Reserve Bank of India (RBI). 

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