Cryptocurrency Market Update: Bitcoin bonanza ousted, back to ‘rags’ above $9,500

• Bitcoin price holds above the support at $9,500 twice in the same week.
• Peter Brandt shares a possibility that could see Ripple price plunge to $0.2071.

The bulls seem to be making a quick comeback following fast-paced losses across the cryptocurrency market. The painful downtrend literally erased the progress major cryptocurrencies including Bitcoin, Ethereum and Ripple had made in the wake of the intense selloff over the weekend.

At the time of writing, Bitcoin is trading slightly under $9,600 while Ethereum can barely hold above $260. Ripple has suffered a subtle 0.14% loss on the day to exchange hands at $0.2750 (market value). Other major coins such as Bitcoin Cash and Litecoin are also in the red but pushing for recovery.

Israeli attorney general disagrees with the central bank

The attorney general in Israel, Avichai Mandelblit remarks on Wednesday have directly contradicted the central bank’s stance on banking services. Mandelblit said in the Tel Aviv District Court that banks should not refuse to offer crypto firms banking services. Instead, he proposed that banks carry out monitoring to ascertain risks of money laundering and involvement in illegal practices. They should, however, not deny services to everybody involved with cryptocurrencies.

Bitcoin price update

Bitcoin’s technical signals are beginning to turn positive in support of the bulls’ desire to see Bitcoin above $10,000 again. For instance, with the RSI pointing upwards after defending the support at 30, it means that buyers are not afraid to increase their entries. Therefore, a step above $9,600 could be the first step towards another explosion above $10,000.

BTC/USD 2-hour chart

Ripple prints could plummet $0.20: Peter Brandt

According to Peter Brandt, a commodity trading expert, if Ripple prints H&S pattern after this bull run, its next target would be $0.2071. He however, gave a disclaimer that his opinion was a possibility but not a prediction.

It will be interesting to see if this H&S top plays out. If so, the target would be .2071.

This Tweet poses a possibility. This is not a prediction. pic.twitter.com/IJiMR2AEnV

— Peter Brandt (@PeterLBrandt) February 20, 2020