Is The Correction Over? Bitcoin Struggles To Maintain The $10,000

Is The Correction Over? Bitcoin Struggles To Maintain The $10,000

Bitcoin has reduced its high volatility as of late and remains above $10,000. The rest of the market shows recovery signs, including Chainlink, which is back in the top 5, and SushiSwap’s triple-digit price surge has returned SUSHI in the top 100.

Bitcoin Stays Above $10K

After a few consecutive days of massive price fluctuations, in which BTC lost $2,000 of its value, the past 24 hours were relatively calm. Bitcoin bounced off $10,000 again but since then pumped to the intraday high of $10,350.

However, the bears didn’t allow further increases and drove it back down to its current level of $10,150.

Looking ahead, the psychological line at $10,000 remains as the first critical support. If broken, Bitcoin could soon test $9,800, $9,600, and even dump to $9,400 and $9,100.

If $10,000 indeed supports BTC, the primary cryptocurrency could reverse the adverse trend that started last week and head towards the previous 2020 high at $10,500. Should Bitcoin reclaim it, the next resistance levels lie at $10,800 and $11,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Rise, Chainlink Back To Top 5, Sushi In Top 100

The rest of the market displays green after losing up to $80 billion of total market cap in less than a week. Ethereum, which bottomed at $310, has increased by nearly 6%, and ETH is trading at $345.

Chainlink is among the most impressive gainers from the top 10 after a 20% surge. LINK’s price at over $12 and market cap above $4.3 billion have taken the asset back to the top 5, surpassing Bitcoin Cash.

Polkadot gains 15% to $4.5, while Binance Coin is up by 17% to $22. BNB has reacted to news from the leading cryptocurrency exchange, which announced its own farming platform, dubbed Binance Launchpool. According to the statement, it will go live on September 9th, and it will allow users to receive new token rewards in return for staking BNB, BUSD, and other coins.

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

The most impressive gainer is SushiSwap’s governance token – SUSHI. Following controversial developments that included the lead developer selling all his coins and transferring control over the protocol to FTX’s CEO, the asset is up by 110% in the past 24 hours. SUSHI’s price of $2.80 has firmly positioned it in the top 100 coins, after dropping out yesterday.

UMA (35%), Ocean Protocol (33%), Band Protocol (30%), Blockstack (25%), NEM (22%), Ren (20%), Serum (20%), NXM (20%), Ampleforth (19%), and Armweave (17%) are also some of the double-digit gainers.

The crypto market cap has increased by $13 billion from yesterday’s low of $313 billion.

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