Chance for the Bitcoin?
The Dow Jones Industrial and S&P 500 react bullishly to the first TV duel for the American presidential election. This could also benefit Bitcoin. However, the bulls must first overcome an important resistance. We take a look at the current market situation in crypto space.
Bitcoin reacts to the traditional markets
The market leader registers the upward trend of the major stock indices with a small reversal. After a subtle downward trend, the bulls are now once again facing the important resistance at USD 10800. However, the subsequent barrier at USD 11000 marked a new upper limit several times in the past few days. A 24-hour volume of around USD 52 billion indicated the great interest of investors. From a bearish perspective, the next support lines are at USD 10600 and USD 10500.
Traditional markets with upward trend
While the first TV duel between President Donald Trump and his rival Joe Biden initially scared off European investors slightly, the Dow Jones Industrial (+ 1.83%) and S&P 500 (+ 1.49%) opened with respectable gains. In recent weeks, experts have repeatedly reported on the high correlation between the major stock indices and the leading crypto currency. Even if there were first signs of a disconnection yesterday, today’s upward trend could play into the cards for “digital gold” in the coming hours.
Bitcoin sets the tone
The alternative assets also look at the Bitcoin on Wednesday. This is illustrated by a BTC Dominance Index of 57.6%. After a bug in the Ethereum 2.0 Testnet, hopes for an Altcoins Season 2020 are likely to dwindle further and the DeFi market is also suffering from new hack attacks. According to this, currently almost USD 200 billion of the total market capitalization (approx. USD 347 billion) is invested in Bitcoin.
Altcoins prices in detail
At the time of writing, Ethereum is quoted at 358.73 USD, which corresponds to a daily increase of a manageable 0.28%. Further down the line, Ripple (- 0.40%) again loses important market share in the battle for the podium. NBB (+ 2.02 %), Bitcoin SV (+ 4.55 %) and Monero (+ 4.06 %), on the other hand, are gaining ground.
What is the next step?
If the traditional markets confirm their strong start in the coming hours, this could have positive effects on the No.1 crypto currency. For weeks, the BTC has been oscillating in the dangerous range between USD 10000 and USD 11000. A jump over the latter trend line could cause a sigh of relief among bullish investors.