Cryptocurrency Market Update: Bitcoin losing the fight to $12,000, IOTA and Tezos rocket
|- Bitcoin price holds above $11,700 support amid the force by sellers for losses towards $11,500.
- Tezos holds above $4.00 after a minor rejection from the new all-time high at $4.40.
- IOTA soars significantly following the launch of the first phase of the Chrysalis network upgrade.
Bitcoin encountered an imbalance at $12,000 following the rejection witnessed on Monday from $12,084. The tug of war between the bears and the bulls continued with buyers aiming to reclaim the ground above $12,000. However, the re-energized sellers were not prepared to see Bitcoin claiming any inch of the ground above $12,000. Most analysts believe that a Bitcoin break above $13,000 would actualize the push for the run to $20,000 as the year comes to an end in less than five months.
Bitcoin retreated further on Tuesday losing 1.37% on the day to trade at $11,735 from an opening value of $11,899. Support at $11,700 is still intact but the potential for losses targeting $10,500 continues to grow as explored in the price prediction article earlier in the day.
Read more: Bitcoin Price Prediction: BTC/USD 'life-threatening' plunge to $10,500 lingers – Confluence Detector
Tezos price update
Tezos is raising eyebrows across the cryptocurrency market following its consistent surge in the last few days. Besides breaking above the critical hurdle at $4.0, the token also roared to new all-time highs at $4.4. Buying interest has remained high as reflected by the surge in the volume from $342 million on Sunday to $525 million on Monday and $564 million at the time of writing (data by CoinMarketCap).
A minor retreat from $4.4 has forced Tezos to trade closer to the confirmed support at $4.0. XTZ/USD is trading at $4.14 amid a building bullish momentum. The RSI holds at 53 following the slide from overbought levels. The MACD is moving to the south while the increasing bearish divergence highlights a stronger bearish grip.
XTZ/USD 1-hour chart
IOTA price update
IOTA also broke out massively following the launch of the first phase of its Chrysalis project. The network has planned a series of upgrades that will eventually lead to the IOTA 1.5 protocol. Various features have been brought into the network including atomic transactions, autopeering, Binary Transaction Layout, UTXO and Whiteflag among others. The launch saw a reflective movement in the price of IOT token with gains of over 5% on the day.
IOTA is trading at $0.3975 at the time of writing. It is up 5.36% on the day from an opening of $0.3773. An intraday high has been traded at $0.40. The fight for support above $0.40 is set to continue as the bulls focus on the action above $0.50.
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