Almost a fortnight since surging 42%, the bitcoin price continues to struggle in breaking the $9,500 resistance point. Hourly charts currently show declining trading activity around the major pivot point at $9,400.
Meanwhile, altcoins continue to show a mixed bag of performance with XRP unable to break $0.30. Tezos (XTZ) has seen a massive price spike owing to the introduction of XTZ staking by Coinbase. The price surge has created arbitrage opportunities across several exchanges.
Declining Volatility Around $9,400 Pivot Point
Bitcoin has been trading sideways since briefly crossing $10,000 on October 26, 2019. In the last 12 days, the top-ranked cryptocurrency has been unable to break the $9,500 price barrier.Each daily trading session is seeing significant selling pressure around the mid-$9,300 region. The downward exertion caused by this trend is causing BTC to remain range-bound in the lower $9,000 price mark.There is, however, a decline in volatility emerging over the last couple of days suggesting that a breakout is imminent. If BTC remains steady above $9,200, then a sustained push to mid-$9,400 price mark appears on the cards. However, a downside break will see bitcoin testing the $9,200 support level.
Altcoin Market Experiences Momentum Decline
The altcoin market is seeing serious momentum decline with many tokens dropping a significant number of percentage points. For XRP, the $0.30 mark remains unattainable with the altcoin failing to sustain any push beyond this resistance point. Even positive sentiment brought on the Ripple Swell Conference hasn’t been enough of a catalyst to trigger a rise above the $0.30.
Tezos is, however, enjoying a period of positive price performance on the back of Coinbase offering support for XTZ staking. XTZ initially surged 70% with backup from the news, marking another period of massive growth for the crypto token. Apart from BTC, XTZ has been one of the best performing cryptos in the market even though its utility remains significantly low.
This price surge has however not been uniform across the various crypto exchanges creating arbitrage opportunities. Crypto traders on exchange platforms like Torex might be able to take advantage of the current XTZ arbitrage before it disappears.