Possible Double-Figures for Altcoins; Bitcoin Faces Major Resistance
The crypto market is on a rally as of this writing. Bitcoin is continuing its price rally from yesterday and is about to break out of the $35,500 range.
BTC/USD 1-hour chart. Source: Tradingview
Bitcoin Targets a 24-Hour Peak
Based on analytics from Tradingview and Cointelegraph, the bitcoin price on BitStamp is about to hit a new 24-hour peak of $35,850. It has risen by about 5% so far today, quashing fears of another significant correction and giving traders confidence to trade again. Over the weekend, bitcoin rose significantly from the $30,500 price range by about $5,000 to start the new week at an entirely new price range.
Popular crypto analyst and investor Crypto Ed opined that traders no longer need to fear another bloodbath regarding bitcoin’s price movements. He further said, “it is the same group of persons who predicted that bitcoin price would decline to less than $11k last year.” Expert crypto trader, Rekt capital supported Crypto Ed’s argument as he is also convinced that the leading cryptocurrency will maintain its current support levels and might even break out of it before the weekends.
He surmised his opinion saying, “there is a key BTC support level for the week which might stabilize its great price strength. For the seventh successive week, it has stabilized at the $35,000 support levels.”
BTC/USD Rekt capital analysis. Source: Twitter
An analysis of the Binance orderbook proves that bitcoin has stable support at the $31,000 price levels. But the buying interest between that level and the $36,000 price range (which is the spot price) is low. The bears will likely make their move between the $38,000 and $41,000 price levels.
BTC/USD buy and sell analysis on Binance. Source: Twitter
Are We in The Season of the Alts?
However, altcoins are currently outperforming bitcoin gains as they seek to ride on the momentum of bitcoin’s new bullish trend. The top altcoin based on market cap, Ethereum, has risen by almost 10% and trades at about $2,250 as of this writing. If bitcoin continues to make more cautious gain or increase in losses, traders will take it as a possible start for another round of “altseason.”
Crypto expert trader and analyst Scott Melker tweeted that the current market situation is a perfect scenario for the alts.
Scott Melker tweet. Source: Twitter
Crypto derivatives data analytics firm, ByBt revealed that bitcoin continues to dominate the market even though its dominance reduced slightly and now stands at 47%. Also, the total market cap for the entire market now is $1.46 trillion.
Bitcoin market dominance. Source: ByBt
Microstrategy Converts Due Bonds
In other news, business intelligence and analytics firm MicroStrategy recently revealed that the company has successfully converted its $500 million worth of corporate bonds.
The company also revealed that it is mulling over selling part of its class A common stock via an open market agreement. The firm remarked in a filing that it would utilize the net proceeds from this stock sales to acquire more bitcoins and invest in other digital assets.
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