Bulls push BTC above 9000 USD mark
For several days, the Bitcoin oscillated between the trend lines at 8600 USD and 9000 USD. Investors were eagerly waiting to see in which direction the No.1 crypto currency would leave this range. And on Wednesday, the cops suddenly took over. We take a look at the current market situation.
Bitcoin is picking up
At the time of writing, the BTC is quoted at USD 9203. This corresponds to a daily increase of about 4.4 %. With a strong hourly candle of around 400 USD, the bulls not only pulverized the 9000 USD mark, they even directly attacked the next resistance at 9200 USD. Should this resistance also fall in the coming hours, the trend lines at 9400 USD and 9800 USD will move into the focus of traders.
Is the magic line falling?
After the halving, it didn’t take long for the bulls to fail at the magic $10000 USD barrier with several attempts. A declining daily volume finally caused the price to drop rapidly towards USD 9000. Currently, the 24-hour volume is a manageable 31 billion USD. However, we have often observed that this indicator can change rapidly in the current range. FOMO (fear of missing out) and a high volatility could benefit the bulls. Furthermore, the influence of the mainstream should not be underestimated.
Traditional stock indices with good performance
In recent weeks, there has been repeated talk of a high correlation between Bitcoin and the traditional markets. After the halving, there was initially a lot to be said in favour of cutting back on the digital currency. However, this should be treated with caution, as the crypto space with a market cap of “only” USD 256 billion continues to be a marginal market. On Wednesday, the Dow Jones Industrial (+1.28%) and the S&P 500 (+0.80%) are both performing solidly. This could be a good basis for Bitcoin.
What is Ethereum doing?
Ethereum is using the current bull run to strengthen its position above the important USD 200 mark. With a daily gain of about 3.5%, the “Smart Contract” coin is now trading at a price of USD 207.72. Chart analysts place the next largest resistances at around USD 215, USD 220 and USD 225. From a bearish perspective, the bulls can hope for support lines at around 200 USD and 186 USD.
Ripple still behind Tether
Ripple (XRP) looks back on a difficult previous week. After falling below the 0.20 USD mark, XRP had to vacate its place on the crypto podium. Due to the billion USDT pressure from tether, the stable coin has been in third place in the crypto charts for a few days now.
BTC dominance increases
On Wednesday we can see a BTC Dominance Index of 65.9 %. According to this, approximately USD 169 billion of the total market capitalization is invested in BTCs, while alternative assets account for almost USD 87 billion.