BTC breaks through next resistance
The No.1 crypto currency uses momentum to overcome the next resistance. Gradually the bulls are approaching the important trend line at USD 12000. However, the “digital gold” must first confirm the upward trend and hope for external factors. We take a look at the current market situation.
Bitcoin price on Sunday
For the Bitcoin, the price will go up by 0.42% on Sunday. According to this, the leading digital currency at the time of this article is at a rate of 11416 USD. From a bullish perspective, the next limits are thus 11600 USD and 11800 USD before the showdown at the important 12000 USD mark. Again and again, the bulls experienced hard ricochets at this barrier.
Here are the supports
Not infrequently, the ricochets from the USD 12,000 mark in September ended with enormous price drops. The confirmed crossing of the USD 11000 mark has now mutated it into an important support area. Further up it will become apparent in the coming hours whether the trend line at USD 11400 will also become a new support. If we zoom out on the chart, the magical $10000 USD line remains a psychological barrier, which is the bear’s main support. Therefore, there are many indicators that the digital currency will remain in the five-digit USD range in the long term.
How does Bitcoin start the new week?
On Monday, investors will focus on the start of trading on Wall Street. A strongly performing S&P 500 turned out to be the optimal template for the leading crypto currency this week. Due to the high correlation to the traditional markets, the financial indices are gaining importance for the crypto market. Furthermore, we can observe a low volatility index. The BTC has already launched several price rallies from similar situations in the past.
The total market capitalization of the blockchain market is approaching the USD 360 billion mark. Currently, approximately USD 211 billion is invested in BTCs. This corresponds to a BTC Dominance Index of 58.5 %. On Sunday, the alternative assets react to the positive development of the first mover with mixed charts. Ethereum (+ 0.26 %) consolidated at a price of USD 375.83. Meanwhile, work on Ethereum 2.0 continues at full speed. The project is seen as a trend-setting hope for a possible Altcoin Season. However, the “Smart Contract” supporters will have to wait patiently for the switch from Proof of Work to Proof of Stake.
LINK emerges as the winner from a turbulent crypto-week. With a weekly increase of 17.53% the Oracle-Coin climbs back to position 7 in the crypto charts. Currently the LINK-Coin is at a rate of 10.85 USD. Further back, Monero (+ 6.72 %) conjures the strongest performance of all Top 20 Coins on the crypto floor at the end of the week. This puts the Privacy Coin in 15th place.
The Bitcoin sets the pace in the crypto-parquet. However, the traditional markets must play along for the yearly highs to be reached. In addition, a trading volume of around USD 19 billion is relatively low. For a continuous bull run the Nr.1 crypto currency needs new capital of the bullish investors. Due to the current upward trend, crypto assets are moving further and further into the focus of the mainstream media. The conditions could hardly be better therefore. However, rising coronavirus new infections could pull the traditional markets down, which in turn could trigger a chain reaction. One thing is certain: After the days of consolidation, there is action in the crypto space again!