Bitcoin Wraps Around $8,200: Consolidation Could Happen Soon

Bitcoin is again in the latest cryptocurrency news for reaching the $8,200 mark and trying to hold onto it. It has been another day of consolidation for the cryptocurrency markets as they end the week flat with only small movements outside the expected channels. As Bitcoin wraps around the new levels, things have picked up marginally for some crypto assets for others seem to have lost ground.

The most dominant cryptocurrency managed to hit an intraday high of just above $8,300 before it slid to the current price of below $8,200. BTC was featured on many best cryptocurrency news sites for its bullish (but not strong enough) run and breaking the resistance at this level. Now, volume has picked up again and is approaching $20 billion which is a clear sign that as Bitcoin wraps $8,200, further gains could be possible and on the cards.

Meanwhile, Ethereum is still flat and holds onto the $255 levels. There has been very little momentum surrounding the biggest altcoin. ETH is recording a decline of 1% on the day and the volume is declining. The current support for ETH, as the coming altcoin news show, is set at $230.

The top ten is now showing more red than green in the Asian trading season this morning. The only two cryptocurrencies aside from Bitcoin that are up on the day are Bitcoin Cash (BCH) with 2.5% and Bitcoin SV (BSV) with 3.5%. As Bitcoin wraps around the new level, the other altcoins are all in the red with Litecoin (LTC) and Binance Coin (BNB) dropping the most and recording 3% losses each.

The top twenty movements are also minimal and there are a couple of percent being dropped by Cardano (ADA) and Tron (TRX). The only altcoins which are gaining similar amount as Bitcoin wraps to the new levels are Cosmos and NEO, reaching $6.25 and $13.13 respectively.

The total cryptocurrency market capitalization is now marginally higher. As many best cryptocurrency news sites report, it now sits at $262.9 billion which is a couple of billions more than yesterday’s level. This is definitely a positive indicator showing that a new bull run could be close. However, a market consolidation with losses greater than a couple of percentage points is also possible.