Bitcoin consolidated on Friday
Good news from the crypto space: the No.1 crypto currency is able to defend the gains of the previous days and the bulls are lurking in front of the resistance at 9600 USD. This development is particularly noteworthy as the S&P 500 falls on Friday. More and more indicators are pointing to a disconnection from Wall Street. Meanwhile, Ethereum is marching straight towards the USD 300 mark. But first things first…
Bitcoin price current
At the time of writing, Bitcoin is priced at USD 9566, which is a daily loss of 0,07 %. From a bullish perspective, the next resistances are still at 9600 USD and 9800 USD. The market leader has woken up from his sleep and the bulls are taking over. For weeks, the price hovered in the range between USD 9000 and USD 9300. The trend line at 9400 USD now forms an important support area. A sustained price rally could fail mainly due to the low trading volume. In the past 24 hours, this has reached almost USD 16 billion.
Why is Bitcoin rising right now?
A possible explanation for the current price jump could be that the American Office of the Comptroller of the Currency (OCC) declared this week that licensed banks in the USA may offer custody services for crypto currencies nationwide. This could lead to an enormous increase in interest in digital assets. The purchase and storage of cryptos is still a significant barrier for many people.
Ethereum continues to pump
Ethereum continues the strong performance of the previous day and is marching straight towards the USD 300 mark. Currently the price is at 282 USD, which means that the Smart Contract Coin has gained more than 20% in the last 7 days. The Ethereum 2.0 test network is in the starting blocks and the DeFi market is growing at a rapid pace. Good conditions for Vitalik Buterin and his team.
What are the other Altcoins doing?
At the weekend start most of the alternative assets follow the first mover. In addition to Ethereum, Binance Coin (BNB) attracts attention with a price jump of 4.65%. The BTC Dominance Index is currently at 61.2 %. The old coins are not letting up in the battle for market share. After the considerable price outbreaks of Cardano and Chainlink, it now looks as if Ethereum could act as a driving force. Of course, it is still too early to speak of an Altcoin season. However, since a few days this is no longer considered unlikely. This weekend will show whether ETH can continue to storm upwards.