Bulls take over
The No.1 crypto currency is breaking free from the sideways movement and the bulls are attacking the next resistances. Now even the important 10000 USD limit is coming back into sight. The Altcoins also benefit from the price rally of the first mover. We take a look at the current market situation.
BTC in detail
At the time of writing, the market leader is quoted at USD 9367, which represents a daily gain of 2.19%. For days before, the BTC had oscillated in the range between USD 9000 and USD 9300. After crossing the trend line at USD 93000, the bulls are now approaching resistance at USD 9400. Further up, the resistances at 9600 USD and 9800 USD represent the last barriers before the five-digit USD range. On the downside, the trend line at $9300 becomes the new support level. On Tuesday, investors are pumping fresh capital into the market, and currently the trading volume is around $18 billion. Over the past few weeks, the bulls have been lacking purchasing power. This could now change.
Is Bitcoin breaking away from traditional markets
Since the outbreak of the coronavirus pandemic, we have repeatedly observed a high correlation with the traditional stock markets. On Tuesday the S&P 500 (+ 0.25%) consolidated, while “digital gold” made a decent run north. Of course, no long-term statements can be drawn from this yet, but some experts interpret the current pump as a minor encapsulation.
Altcoins profit in the slipstream
Most Altcoins use the upward trend of the Bitcoin for own price gains. Ethereum (+ 3.59%) is approaching the USD 250 mark (current price: USD 244.01), while Ripple (+ 1.38%) is heading for the coveted podium spot. Further down the line, Chainlink has the biggest damper on the top 30 with a daily loss of 3.78%. In view of the enormous price gains from the previous week, however, this dip should be handled with ease at LINK. At the time of writing, the BTC Dominance Index is at 62.3 %.