Bitcoin overcomes next resistance
The bulls can confirm the uptrend of the previous day and break through an important resistance. Thus the leading crypto currency is approaching an important limit. In the shadow, the alternative assets can profit from the current market situation. Do we see a new annual high soon?
Bitcoin exchange rate current
At the time of writing, the first mover is quoted at USD 11322, which represents a daily gain of 2.39%. According to this the bulls can also overcome the resistance at 11200 USD and build up a small cushion. From a bullish perspective, the next resistances are now at 11400 USD and 11600 USD. Shortly after that, another attack on the trend line at $12000 USD would follow. Again and again the BTC bulls experienced hard ricochets at this mark. However, the positive news from the squared investment should provide a good starting point.
Annual high in Q4?
When the “digital gold” climbed to an annual high of USD 12359 in the wake of the coronavirus pandemic, “moon” calls flooded the social media. Indeed, after the Halving Event, some indicators pointed to a sustained bull run. Bitcoin recovered from the impact of the pandemic at a rapid pace, shooting into the five-digit USD range and isolating itself from traditional markets. A better letter of recommendation could hardly have delivered the leading crypto currency in such uncertain times. However, the situation has changed in recent months.
All eyes on Wall Street
The high correlation to traditional markets could point the way forward for the share price. When the S&P 500 climbed 0.88% on Friday, the index offered Bitcoin an optimal starting point for the current price rally. Investors are likely to look forward to the start of trading on the US stock exchange on Monday.
Focus on old coins
With a BTC Dominance Index of 58.3%, the Altcoins have their hands tied. Nevertheless, the current bull run benefits many assets. Ethereum has seen an 8.02% uptrend this week. This means that the Smart Contract Coin is once again ahead of the important USD 400 mark (current price: USD 374.34). Further back, Chainlink (+ 5.69 %) is shooting back to position 7, while Cardano (+ 11.87 %) is making a comeback in the contested Top 10.