The cryptocurrency news today show that there is a good momentum lately and the total market cap has surged to $217 billion recently. The volume is at $86 billion today but what is important according to analysts is that the price of BTC is on the verge of breaking its 2-month range and the 7-month downtrend during this week.
However, the price could not break out the downtrend and is stuck in a new range. The big question now is – is the price of Bitcoin in a bull market or is it expecting continuation downwards?
Today’s Bitcoin price news show that the price of BTC is showing an apparent breakthrough in the $7,600 level. After the upwards breakout, the price started to rally towards the next resistance zone which was at $8,400. This is also the downwards trend line at which the price is currently hovering.
The price of BTC is also moving in a crucial range and a breakout above $8,400 would lead to a breakout of the 7-months downtrend. Still, losing the $7,600 level as support would lead to an acceleration downwards and the price is likely to be continuing towards $6,400 or $5,800.
In fact, the total market cap is showing a similar outlook for the Bitcoin chart – and a clear breakout upwards during the past week as the $195 billion resistance broke to the upside. The breakout resulted in a push towards $211 billion and now, the market cap is above $217 which indicates that a bullish momentum is finally here.
If you are wondering how are altcoins performing recently, they are doing reasonably well against the USDT pairs. The altcoin news and rumors suggest that if people want to trade altcoins, it is compulsory to use both BTC and USDT charts as this would give a clear view of the movements of the coin.
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