Around 19:55 (UTC) on Tuesday (January 21), the Bitcoin price fell below $8,550 for the first time since January 14, thereby helping to drag down the price of many altcoins by single-digit percentages.
According to data from CryptoCompare, although Bitcoin had been mostly trading above the $8,600 level since 14:00 (UTC) on January 14, dropped to $8,526 around 19:55 (UTC) on January 21, as we can see in the two-week BTC-USD price chart shown below:
Naturally, this has hurt the prices of many altcoins; here are a few examples:
- Ethereum (ETH): $167.84; down 0.26%
- Bitcoin Cash (BCH): $342.92; down 2.24%
- EOS: $3.62; down 1.55%
- Stellar (XLM): $0.0629; down 1.64%
Popular crypto analyst/trader Josh Rager, who is also a Co-Founder of online crypto learning platform Blockroots, as well as an advisor to several blockchain startups, offered this bit of technical analysis:
$BTC – clear range of $8500 to $8750 right now on lower time frames
Currently not trading and watching for better setups
Will also take a look at altcoins with potential to outperform Bitcoin short term pic.twitter.com/HRJoMZNaDj
— Josh Rager 📈 (@Josh_Rager) January 21, 2020
Featured Image Credit: Photo via Pexels.com
