Bitcoin (BTC) struggled to maintain $9,000 support on Feb. 26 as analysts sought confirmation that more significant levels would remain intact.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

BTC crisscrosses $ix,000

Data from Coin360 and Cointelegraph Markets showed BTC/USD briefly falling through the $9,000 barrier several times on Midweek.

The build-upward had taken simply 3 days, Bitcoin falling by over $1,000 since the weekend. At press time, it traded at $8,995, down 4.iii% on the day.

Bitcoin 1-day price chart

Bitcoin i-day toll chart. Source: Coin360

Traders had hoped that Bitcoin would capitalize on fresh uncertainty in traditional markets due to coronavirus. This failed to materialize, notwithstanding, with Bitcoin falling in step with the broader economic system.

Now, interest increasingly focused on long-term watershed toll points, specifically the 200-mean solar day moving average (DMA), currently at $8,789.

In an update to Telegram trading channel followers, Cointelegraph Markets analyst filbfilb summarized:

"Downside targets or the 200 DMA< xx and 50 WMA seem proficient for a bounce but the 200 dma is never really lost in a bullrun so losing that could be more than of a significant consequence."

"In simple terms, I am looking to brusque a bearish retest of $9550 and am non bullish until we can interruption the blueprint of lower highs and lower lows, to reclaim $10000," he added in an accompanying TradingView post.

Brandt cautions on gold rally

For veteran trader Peter Brandt, meanwhile, Bitcoin staying muted as gold made gains should have already fabricated traders wary.

"The fact that BTC could non rally in the confront of the advance by Gilded prices and drop in equities was a 'tell,'" he tweeted on Wed.

At press time, gold was up 4.6% in dollar terms since it began an upshoot on Feb. 12. Year-to-appointment gains stand at 7.2%, while Bitcoin'due south reached over xl% earlier this month.

Altcoins see 10% losses

Altcoin markets meanwhile vicious considerably more Bitcoin on daily timeframes. Ether (ETH), the largest altcoin by market place cap, fell most x% to $228.

Ether 7-day price chart

Ether 7-24-hour interval toll nautical chart. Source: Coin360

Such drops characterized the top twenty cryptocurrencies, while some fared even worse. Litecoin (LTC) lost 12%, while Cardano (ADA) shed 14%.

The overall cryptocurrency market cap was $255 billion, down $27 billion since the weekend. Bitcoin's share increased to 64.7%.

Keep track of elevation crypto markets in real time here