Bitcoin shortly before All Time High
The No.1 crypto currency may recover from the consequences of the “OKEx dump” over the weekend and the bulls are breaking through an important resistance. According to this, the signs are again pointing to Bull Run and many experts see a new attack on the all time high imminent. At the same time the Altcoins are facing an important week. With the start of the Beacon Chain, Ethereum should become the focus of investors. We take a look at the current market situation.
Bitcoin price on Sunday
At the time of writing, the first mover is quoted at USD 18114, which represents a daily gain of 2.18%. The bulls can again take command on Sunday, breaking the important 18000 USD mark. In the past 24 hours, BTC units worth around USD 30 billion have been traded, so a possible bull run should not fail due to investor disinterest. But what are the next hurdles for the No.1 crypto currency?
Resistance on the way to an all-time high
Due to the high volatility, we should look at the resistances and supports in a broader context. This week, we saw several double-digit price swings that caused the famous FUD and FOMO symptoms. From a bullish perspective, the next barriers are at USD 18400, USD 18700 and USD 19000. Further up, the current annual high is at 19391 USD. However, for a sustained price rally, several factors would have to interact. In the past few days, the whales used the panic surrounding the OKEx payouts to push their own interests. It is not unlikely that the Twitter whale alerts will be in full swing in the coming week.
Important week for the Altcoins
The Bitcoin Dominance Index is considered an important indicator to capture investor sentiment. Currently, the focus of investors is logically shifting to the No.1 crypto currency, which is struggling for long-term support at the 18000 USD mark. However, quite a few experts expect Etherum to move into the spotlight in the coming week. Now that the deposit contract has been replenished in time with 524,288 ETH units, the first step towards the long-awaited switch from Proof of Work to Proof of Stake is imminent. On Sunday, the Smart Contract Coin will be available at a price of USD 553.69, following a 2.15% increase in the share price.
Battle for position 5
With Litecoin (+ 8.52 %), Bitcoin Cash (+ 0.18 %), Chainlink (- 1.58 %) and Cardano (- 0.30 %), four Altcoins compete at eye level for the fifth position in the crypto charts. The question is, which project will have the third strongest Altcoin. Currently, the “digital silver” is leading the way.