Bitcoin Showing Signs Of Life, But Are We Really Back On The Uptrend?
- Bitcoin above $10,000, top altcoins almost doubling BTC gains
- If pullback over, Mati Greenspan, senior analyst at eToro says “the most likely play is… alts”
- As for BTC’s ATH, after finding resistance at $17.5k, instead of $20k, “things will happen very fast, no one will be able to stop this.”
Bitcoin Is Back Above $10,000.
Trading volume meanwhile, on ten exchanges with real volume is just about $1.1 billion, as per Messari.
The return of greens has everyone feeling good as trader ThinkingUSD says,
“BTC finally showing signs of life. Lots of indicators finally showing bullish signs. Lots of people trapped below 9800.”
The entire market is following the flagship cryptocurrency, registering gains, with EOS leading by 8.29% greens, followed by Ethereum’s 6%.
Bitcoin goes back above $10k, Crypto market goes green with elation, Source: https://coin360.com/
Though still below $300 billion, the total market cap has surged to $277 billion. BTC dominance meanwhile, is at 67.3%, down from 69.8% on July 15, as per TradingView.
Bitcoin Could Halt At $10,586
Bitcoin might have made an upward move but it hasn’t turned bullish yet in the short term.
Crypto trader and investor Josh Rager shares that a break above $10,854 would be a bullish scenario with this week’s open acting as resistance at $10,586.
Failure to break about would lead to a retest of the support and likely a lower low, he said.
We have weekly support present at $10,146 and the current daily support at $9,690, a break down below which would take us to $8,975.
However, CryptoGainz points out a rather bleak scenario as he says, “Welcome back to 2018.”
do you recall this price action?
Welcome back to 2018. pic.twitter.com/0ha1ButT1b
— CryptoGainz (@CryptoGainz1) July 25, 2019
Time For Altcoin Party?
Meanwhile, market trader and analyst Benjamin Blunts is feeling bullish. As we have a breakout and consolidation above, he says this equals to bullish, with an upper channel around $11,500, his target.
If the pullback is “indeed” over, Mati Greenspan, senior analyst at eToro says “the most likely play is for people to take a bit of risk and that usually means alts.”
He notes how over the last week, Bitcoin underperformed and in the last 24 hours, EOS, Litecoin, NEO, and ADA have about doubled Bitcoin’s gains.
So the cycle repeats. Awareness triggers a rally in BTC, then once the momentum fatigues, investors seek other opportunities in the space.
Still not sure if the pullback is over or if we're even in a bull market yet, but the appetite for risk is apparent in price action today.
— Mati Greenspan (@MatiGreenspan) July 25, 2019
It is expected that Bitcoin will trade sideways here, proving altcoin the opportunity to pump.
It would be either at the end of 2019 that Bitcoin would break out into a new all-time high as Mayer’s Multiplier finds Bitcoin’s fair value at $21,000 in December.
When we get there, trader Bit฿it says, Bitcoin won’t find resistance at $20,000, rather at $17.5k
And from there, “things will happen very fast, no one will be able to stop this.”