We are seeing a lot of green in the recent Bitcoin and altcoin movements. According to the latest crypto news, most of the top 20 cryptocurrencies have risen in value this Sunday, and Bitcoin is one of the most stable coins right now.
Even though Ripple is leading the growth with a 9% increase over the past 24 hours, Bitcoin is stable over the $6,500 margin. After failing to break the $6,800 resistance recently and declining against the US dollar, Bitcoin still remains in a stable trend with support at $6,400 and a current value of $6,588.
If we look at the daily charts, we will notice that the Bitcoin price is placed nicely above the trend with a support at $6,400 and a desire to push beneath the $6,700 and $6,800 resistance level. The main resistance for a larger move and a potential bullish trend is $7,000.
Currently, many people believe that Bitcoin is moving forward even with the issues around the low volatility and market volume, which don’t seem to be a concern right now. The only concern, according to analysts, is the timeframe in which Bitcoin could initiate another bullish run and go near the $7,000 margin.
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“The entire industry is ripe to resume a path to lower prices. Conditions are akin to November , just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”Many other industry experts have suggested that investors are forgoing Bitcoin in order to move their money into altcoins. As one senior analyst at eToro named Mati Greenspan said in an email sent to Bloomberg:
“Bitcoin's 20% gains isn’t a poor performance. It’s just that investors are seeing more potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.”He also noted the following:
“It’s just that investors are seeing more potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.”Right now, data shows that the Bitcoin MACD is right now at 44.3, pointing to a new "sell" recommendation while the coin is trading below $3,900 and is stable on the day.
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