Cryptocurrency Market Update: Bitcoin price scuffles under $6,000 – Mike Novogratz believes 2020 is BTC’s year

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  • The cryptocurrency market retreated from levels traded on Friday led by Bitcoin price drop from $7,000 to levels under $6,000.
  • Galaxy Digital CEO Michael Novogratz says that expect the volatility of Bitcoin price to last several months but 2020 is still BTC’s year.

Bitcoin price closed the week in the red despite a magnificent recovery especially among the major cryptos on Friday last week. Bitcoin has closed in on $7,000, Ethereum stepped above $150 while XRP traded a weekly high of $0.1750.

At the time of writing, the cryptocurrency market is in the green. Some of the best performers on the market are Ethereum Classic (ETC) with over 4% accrued in gains, Monero (XMR) with over 3% growth and Litecoin (LTC) with a 3.6% gain in value on the day.

The total crypto market cap has dropped to $166 billion from $177 billion recorded on Sunday according to the data by CoinMarketCap. The trading volume has remained relatively stable around $133 billion in the same period. Bitcoin’s dominance on the market has hit 65% and continues to grow amid the selloff and extreme volatility.

BTC/USD is trading at $5,868 at the time of writing. The prevailing bearish trend suggests that more downside action is expected in the coming sessions. If declines continue Bitcoin price is expected to take a breather at $5,500 amid seller exhaustion. On the upside, $6,000 is the key hurdle preventing gains towards the critical $7,000 zone.

The CEO of Galaxy Digital, Michael Novogratz recently expressed his optimism for Bitcoin price recovery and performance in 2020. Novogratz believes that in spite of the volatility faced in the recent weeks and the price drop, 2020 will still become Bitcoin’s year. He also said that the volatility is expected to last a few months from now.

ETH/USD is teetering 2% higher on the day after growing from $122 (opening session) to trade at $124.87. Ethereum price bulls lack the energy to sustain gains above $125 let alone tackle the resistance at $130. For now, the best the bulls can do is to defend the support at $120 and focus on the levels at $125 and $130.

XRP/USD, on the other hand, is trading at $0.1511 after adding 2.24% to its value on the day. An intraday high at $0.1524 forms the immediate resistance. If $0.15 continues to hold as support, the buyers will have the time to gather the strength to clear the next hurdle at $0.16. On the downside, $0.14 remains intact as major support.