If Bitcoin holds the $20,000 level, it may attract aggressive buying in select altcoins.
Letitia James against cryptocurrency exchange KuCoin for selling securities and commodities without registration increased uncertainty about the future of crypto sector regulation.
The selling momentum continued on March 10 and pulled Bitcoin below the $20,000 mark. Several other cryptocurrencies have also broken below their important support levels.But a minor positive in favor of the bulls is that February’s jobs report was a mixed bag. Although nonfarm payrolls rose 311,000 for the month, above estimates of an increase of 225,000, the average earnings rose less than anticipated. Thatrate hike in the Federal Reserve’s March meeting from 68% on March 9 to 42% on March 10.
What are the important levels on the upside that will signal a sustained recovery in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin sliced through the $21,480 support on March 9 with ease. The selling continued on March 10 and the price broke below the crucial support at $20,000.The fall of the past few days has sent the relative strength index into the oversold zone.
During a sharp fall, markets usually tend to overshoot on the downside. The same may have happened here. The bulls will try to start a rebound off the current levels but may face strong resistance at higher levels. The bears will try to flip the $21,480 level into resistance. If that happens, the BTC/USDT pair may turn down and retest the $20,000 support. If this level breaks down, the next stop could be $18,000.
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