The Bitcoin bear market is still here and that was proved with the recent fall of the price and stabilization in the $7,100 region. However, the total cryptocurrency market cap shows that the situation is more than stable compared to last week – and that a jump to $7,600 could mean a lot for the upcoming Bitcoin news.
As the weekend commences, we can see that the majority of cryptocurrencies are trading without a change but have a momentum which aims to drive them higher. For instance, the ETH news show that Ether is struggling to regain $130 while Ripple’s XRP token has been unable to reclaim $0.20 after the recent rejection.
What’s good is that the Bitcoin dominance factor is increasing and is now at 68% as it continues to threaten to take the 70% level. This continues to look like a possibility as Ethereum continues to lose market cap share.
Meanwhile, we can see that the Bitcoin bear market may soon be changed – and BTC is right now ranging between long term weekly resistance of $7,600 and the mid $6,000. The 15% swing off the lows on Wednesday triggered a situation like the prior days of trading – but all of this may change very soon.
Currently, the BTC price is finding support in the middle of this trading range above $7,000. The key moving averages (MA) of the 50, 100 and 200 day are all now above price and trending down. This illustrates that the overall trend remains to the downside on the daily chart.
A Bitcoin bear market may be here if the price of BTC drops to $6,500 soon. Currently, howevr, it is ranging between long term weekly resistance of $7,600 and the mid $6,000s. Right now it is finding support in the middle of this trading range above $7,000.
With the daily charts showing that the bounce off the 7-month low on Wednesday indicates buying interest at the mid $6,000 level, we can see that there may be a shift in momentum coming very soon. Despite all of this, Bitcoin needs to overcome the declining resistances and the $7,600 weekly resistance level and demonstrate a new shift in its trend.
Right now, the total market cap is above $190 billion demonstrating a slow but steady increase.
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