There have been a lot of ups and downs, highs and lows, and price breakouts over the past couple of days on the crypto market. Major cryptocurrencies like Ethereum, Ripple, Bitcoin Cash, EOS and Litecoin have all fallen from 1% to 4% while the Bitcoin price remained above $7,200.
Right now, Bitcoin even broke the $7,300 price margin and is trading at $7,308 (at press time), according to data from CoinMarketCap. The stability of the largest cryptocurrency by market cap allowed the weekly price chart of BTC to demonstrate a possibility of a break out in the short-term.
The tokens which have experienced 10% to 30% increases in value against Bitcoin and the US dollar last week, on the other hand, dropped by 10% to 12% this week. Even though many traders and analysts were negative towards the short-term trend of Bitcoin and the ‘lack of momentum’ as they cited, it seems like Bitcoin is stable over the past couple of days, showing no weak signs at all.
The tokens bleeding out and losing against major digital assets further confirms this. However, it is likely that the situation will change in the next few days as the trend may reverse and the price of Bitcoin may correct.
However, if Bitcoin (BTC) initiates new major movements on the upside and tests the $8,000 resistance level, the tokens will highly likely see large gains against most of the major cryptocurrencies.
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