Attack is the best defense
It is not easy to follow the movements of the international markets these days. In the U.S., the rise in new coronavirus infections continues, while the Dow Jones Industrial Average and S&P 500 have a respectable start to the week. This comes as a perfect opportunity for Bitcoin. After several indicators yesterday pointed to a dump below the important $9000 level, the bulls are pulverizing new resistance on Monday. This in turn is benefiting alternative assets, an impressive chain reaction.
Bitcoin price: Bulls take command
At the time of writing, the market leader is quoted at USD 9263, which corresponds to a daily gain of 2.46%. Since yesterday, trading volume has increased by over $4 billion, and the bulls are benefiting from the higher purchasing power. After breaking the resistance at $9200 this morning, the bulls are now targeting the trend line at $9300. On the downside, the trend line at $9200 USD now becomes the next support area.
Traditional markets get off to a good start this week
The Dow Jones Industrial Average (+ 1.44 %) and S&P 500 (+ 1.55 %) share indices have been considered the leading forces for countless sectors for weeks. A high correlation between the BTC and Wall Street cannot be denied either. However, this situation is not surprising given the uncertain economic situation. Are we experiencing a V-shaped recovery and the worst crash since the Great Depression in 1929? There are currently serious arguments for both points of view. What is certain is that a second wave would have fatal consequences for the global economy.
The Altcoins use the bullish momentum of the first mover for their own course breakouts. Bitcoin SV achieved the largest gain in the top 30 with a price increase of 22.88%, while Bitcoin Cash (+ 8.08%) and Tron (+ 8.21%) also delivered a strong performance. The BTC Dominance Index is 63.8 % in the evening. The alternative assets smell their chance and price encapsulation becomes more frequent. The race for the DeFi market could keep certain alts in the spotlight in the coming months.