Bulls start new attack
The bulls are regaining support at $9400 and are now marching towards the five digit USD range. However, there are many indicators that point to a renewed rebound at the magic boundary. The low volume of trade and the pressure from traditional markets, among other things, point to such a trend. But first things first…
Bitcoin price current
At the time of writing, the market leader is quoted at USD 9496. So the pad grows to the 8000 region and the bulls can record an important rebound. However, the real hurdle is only now coming up. The resistance at 9600 USD is considered, besides the barrier at 9800 USD, as the last real test before the magic 10000 USD mark. It is still unclear whether the bulls can confirm the rebound in the day chart. On the downside, many investors are betting on the old familiar base at $9400. Again and again the Bitcoin received support here.
What are the traditional markets doing?
The major stock markets are experiencing a strong Tuesday. The Dow Jones Industrial is climbing northwards by about 2.04%, while the S&P 500 is currently at a daily gain of 1.90%. The remarkable performance of the traditional markets is noticeably benefiting the No.1 crypto currency. In recent weeks, we have repeatedly reported on the high correlation with Wall Street. Insecure investors are only partially drawn to the crypto-market. The enormous volatility is deterring many investors, especially as the economy continues to suffer from the consequences of the coronavirus pandemic.
No isolation, but…
After the third BTC Halving Event, several indicators initially spoke in favour of encapsulating the famous digital currency. However, these expectations were quickly clouded. According to the pessimistic Fed forecast, traditional markets shot down at a rapid pace and the BTC also suffered heavy losses. In contrast, a sustained bridging of the USD 10000 mark could ensure that the mainstream moves into crypto-space. What would be possible with such hype, we could already see in December 2017, when a mixture of furore and FOMO (Fear of missing out) pushed the first mover above the 20000 USD mark.
Altcoins move with
On Tuesday, most Altcoins can profit from the strong performance of the “big brother” and celebrate their own price gains. Ethereum currently stands at a price of around USD 233, Tether defending its podium position ahead of Ripple. Further back, Cardano in particular was able to attract attention in the last few days. Due to the hype surrounding the long-awaited “Shelley” update, the “Ethereum Killer” displaces more and more competitors and secures a position in the coveted Top 10 of the crypto charts.