Veröffentlicht: 29.10.2020

Downtrend? No way! Bitcoin attacks new annual high

Bitcoin recovers

The No.1 crypto currency can recover from yesterday’s price slide and the bulls maneuver straight towards the yearly high. At the same time the S&P 500 is pulling the lever. A good starting position for a new bull run… More and more experts see the 20000 USD mark as a possible target. For the Altcoins, however, a cold crypto-winter begins. We take a look at the current market situation.

Bitcoin price on Thursday

At the time of writing, the market leader is quoted at USD 13440, which represents a daily gain of 1.76%. This means that the bulls can avert a fall below the USD 13000 mark, while from a bullish perspective, resistance at USD 13550 and USD 13800 is the focus of investors. Shortly after that, the high for the year is already at USD 13837. On the downside, the next support line is now at $13400.

The Comeback of Volatility

After the PayPal rally, investors are looking at a Bitcoin that is subject to stronger fluctuations. In contrast to the previous months, “digital gold” seems to be freeing itself from the clutches of the traditional markets. At the same time, several billion USD have flowed into the crypto market in the past few days. Every day, mainstream media report on the outstanding performance of the leading crypto currency, while the major stock indices struggle with the consequences of the rising number of new coronavirus infections.

S&P 500 catches up on Thursday

The S&P 500 (+ 1.19%) may turn around on Thursday and this plays into the cards for Bitcoin. However, this upward trend could soon turn out to be a short-term rebellion before the US elections. The ongoing tug-of-war over the Corona aid packages and the uncertainty about the economic development are causing unrest among countless investors.

Bitcoin Dominance Index now at 63

The air becomes thinner for the Altcoins! At the time of this article the BTC Dominance Index is 63 %. According to this, approx. 250 billion USD of the total market capitalization (approx. 396 billion USD) is currently in BTC investments. In the top 20, only Ethereum (+ 0.79 %), Crypto.com Coin (+ 1.17 %) and Wrapped Bitcoin (+ 2.54 %) have recorded price increases. It remains questionable how long the alternative assets can still profit in the slipstream of the first mover.

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