Topic: Bitcoin Price Nears $6,800 Resistance as Crypto Market Records Large Gains - page 2. (Read 293 times)
September 24, 2018, 12:08:23 AM
Don't always look at Bitcoin price in isolation to the total market. For the fact that the total market cap is still hovering around $200billion is a strong indication that we aren't yet out of the woods. The bulls are not here yet. So, let no one make a haste to buy in. I would suggest a little more wait. For all I know bitcoin can relapse again.
September 23, 2018, 11:46:53 PM
Bitcoin Price Nears $6,800 Resistance as Crypto Market Records Large Gains
Over the past few hours, Bitcoin has recorded a slight 1 percent increase in price, nearing the $6,800 resistance level. The rest of the crypto market recorded large gains across the board as Electroneum and Stellar led the market with 70 percent and 20 percent gains respectively.
As CCN reported on September 22, billionaire investor Mike Novogratz laid out $6,800 and $8,800 as major resistance levels for BTC in the short-term. If BTC can break out of the $6,800 mark in the next few hours, it is highly likely for the dominant cryptocurrency to enter the $7,000 region for the first time since September 4.
Why is Bitcoin Lagging Behind
Over the past week, Bitcoin has demonstrated decent momentum and gradual increase in volume, rising from the lower end of $6,000 to $6,700. But, in comparison to other major cryptocurrencies like Ethereum and Ripple that recorded monstrous gains against the US dollar, the short-term rally of Bitcoin has been lackluster.
The discrepancy between the gains of Bitcoin and the rest of the market can be attributed to the stability of the dominant cryptocurrency. From July to September, for nearly three months, Bitcoin has demonstrated a slight loss of 9 percent. Meanwhile, Ripple and Ethereum declined by more than 45 percent.
As such, the corrective rally of the crypto market that was initiated earlier this week, which was primarily formed due to massively oversold conditions showed by major cryptocurrencies, did not lead to a large increase in the price of BTC.
But, as Novogratz stated, considering the stability in the price of BTC and its resilience in the low price range, breaking out of the $6,800 mark and eyeing an entrance into the $7,000 region could establish a strong foundation for a potential mid-term rally later this year.
https://www.ccn.com/bitcoin-price-nears-6800-resistance-as-crypto-market-records-large-gains/
Over the past few hours, Bitcoin has recorded a slight 1 percent increase in price, nearing the $6,800 resistance level. The rest of the crypto market recorded large gains across the board as Electroneum and Stellar led the market with 70 percent and 20 percent gains respectively.
As CCN reported on September 22, billionaire investor Mike Novogratz laid out $6,800 and $8,800 as major resistance levels for BTC in the short-term. If BTC can break out of the $6,800 mark in the next few hours, it is highly likely for the dominant cryptocurrency to enter the $7,000 region for the first time since September 4.
Why is Bitcoin Lagging Behind
Over the past week, Bitcoin has demonstrated decent momentum and gradual increase in volume, rising from the lower end of $6,000 to $6,700. But, in comparison to other major cryptocurrencies like Ethereum and Ripple that recorded monstrous gains against the US dollar, the short-term rally of Bitcoin has been lackluster.
The discrepancy between the gains of Bitcoin and the rest of the market can be attributed to the stability of the dominant cryptocurrency. From July to September, for nearly three months, Bitcoin has demonstrated a slight loss of 9 percent. Meanwhile, Ripple and Ethereum declined by more than 45 percent.
As such, the corrective rally of the crypto market that was initiated earlier this week, which was primarily formed due to massively oversold conditions showed by major cryptocurrencies, did not lead to a large increase in the price of BTC.
But, as Novogratz stated, considering the stability in the price of BTC and its resilience in the low price range, breaking out of the $6,800 mark and eyeing an entrance into the $7,000 region could establish a strong foundation for a potential mid-term rally later this year.
https://www.ccn.com/bitcoin-price-nears-6800-resistance-as-crypto-market-records-large-gains/
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