Bitcoin (BTC) price has fallen farther dropping about $300 in less than 1 hour on Sunday, February. 16, though paring some losses since with a bounce from $9,600 to $9,790 at printing time.

Crypto market 1-day price chart. Source: Coin360

Crypto market 1-day toll chart. Source: Coin360

Bad weekend for Bitcoin price bulls

Most other cryptocurrencies fared much worse, however, equally evidenced past Bitcoin's market authority ascension one per centum from yesterday to 63.2%.

The bad weekend for the bulls began on Saturday after losing the $x,000 level. Today, BTC/USD tumbled further and bounced off a fundamental resistance level at effectually $ix,600, which likewise happens to be the 20-day moving average or xx-MA.

So what's next for Bitcoin? The $9,850 level demand to be reclaimed, according to regular Cointelegraph Markets analyst filbfilb, in order to avoid dropping further to $9.4-$nine.5K and $eight.8K back up areas.

BTC/USD 1-day chart. Source: Tradingview

BTC/USD 1-day nautical chart. Source: Tradingview

Worth noting is that the weekend drop has left a so-called Bitcoin futures "gap" at $10,495, the price at which CME BTC futures trading closed on Friday. As Cointelegraph reported numerous times before, the phenomenon of these gaps being filled upon resumption of trading — typically within a few days — has not gone unnoticed.

Meanwhile, the Fear and Greed Alphabetize has dropped from 64 to 59, which still means that the market sentiment is currently "greed" and suggesting that the multi-week rally above $ten,300 is due for a correction.

Altcoins ruby-red across the board

Bitcoin's 40% gains year to date have seen many altcoins posting ever bigger gains. Notwithstanding, the opposite appears to also be true as the losses for altcoins tend to be bigger as well.

Ether (ETH) is downward almost half-dozen% in the past 24 hours, while EOS, XRP and Bitcoin SV (BSV) saw heavier losses with -9.13%, 7.83% and xi.93%, respectively. Tezos (XTZ) is down 5.8% and Tone (TRX) tumbled by almost 10%.

Ane notable exception, nonetheless, is Chainlink (LINK), 1 of the best performing cryptocurrencies in 2020. LINK has dropped slightly merely has already recovered and now up vi% on the day, according to data from Coin360.

"Well, we get the retracement," commented regular Cointelegraph Markets contributor  Michaël van de Poppe. He connected:

"Retracement is harsh on some of those altcoins, merely information technology's also providing opportunities. Doubt we'll see $9,400 though."

At press time, Bitcoin's market place dominance stands at 63.two% with the cryptocurrency market capitalization dropping over two% on the mean solar day to $282 billion.

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