BTC before 11000 USD mark
Well, there you go: The Bitcoin can tie up on Tuesday to the strong performance of the previous day and overcome further resistance. Now hopes are rising for a rapid advance into the 11000 USD range. At the same time, the upward trend for many Altcoins is coming at just the right time. Only BNB has to pay tribute to last week’s explosive bull run. We take a look at the current market situation.
Bitcoin in focus
At the time of writing, the market leader is quoted at USD 10892, a daily gain of a respectable 4.07%. The bulls are taking advantage of the high correlation to the traditional markets, while at the same time benefiting from rising investor interest. In the past 24 hours, BTC units worth around USD 53 billion have been traded. This figure shows that the BTC is currently gaining momentum. It looks as if the consolidation phase is over for the time being.
These are the limits that now matter
After jumping over the resistances at 10600 USD and 10800 USD, the No.1 crypto currency is now facing the range at 11000 USD. In the past 12 hours, more than USD 10 billion has flowed into the market. For days the bulls had fought with all their might against the fall into the four-digit USD range, now the wait seems to be paying off. From the bearish perspective, the trend line at $10,800 USD is now mutating into the next support. Further down, the 200 daily average at around 10650 follows as support.
S&P 500: BTC’s best friend?
Many experts see a direct relation between rising stock indices and the current BTC performance. And indeed, on Tuesday the S&P 500 confirmed its strong start to the week (+ 0.90 %). Just how strong the correlation to the traditional markets really is will become apparent when the BTC again approaches the USD 12,000 mark. Here, the leading crypto currency took several heavy bounces at the beginning of the month.
What are the Altcoins doing?
Bitcoin can regain market share on Tuesday. Currently, the BTC Dominance Index is at a value of 57.1%. This corresponds to an increase of 0.3 % compared to the previous day. Bitcoin Cash managed to jump back to 6th place with a 5.22% increase in the share price, while Crypto.com Coin (+ 5.44%), Monero (+ 3.62%) and Wrapped Bitcoin (+ 3.82%) are further behind. Altogether the alternative assets experience a quiet Tuesday. The only exception is BNB.
Binance Coin BNB has to say goodbye to position 5 of the crypto charts. With a daily minus of 11.58%, the Exchange-Coin recorded the biggest dump in the top 50, but these figures, after the performance from the previous week (+55%), should only be interpreted as a minor correction.