Bitcoin Stops At A Major Resistance; Traders Say Its A Tough Time to be Bullish Yet


  • Bitcoin surges past $7,700 while altcoins get slammed down
  • BTC/USD in ascending channel and could pull back to $6,200
  • “At this point, adoption doesn't even need to grow to sustain the price anymore,” – analyst Mati Greenspan

Last week, bitcoin made a strong move and jumped above $7,500. This week, bitcoin is extending those gains as the leading cryptocurrency makes its way over $7,800.

For now, $7,800, the major resistance level is rejected and we are hovering around $7,700.

Stopped by the strong resistance, in the short term trader Crypto Michael says, “A clean break above $7,700 and I'd target $8,400 as next level.”

Tough to get bullish

In the past month, Bitcoin has managed to recover all these losses it made during the mid-March sell-off.

In the past year, the flagship cryptocurrency has jumped 45% compared to a 34% spike in gold prices.

During this time, the Dow Jones lost -10.4% of its value while the S&P 500 is down -4%.

Despite its performance, trader Jonny Moe isn’t feeling much bullish about the price action and sees BTC/USD going back to $6,200.

“I'm having a tough time getting myself bullish inside this ascending channel. If the current consolidation breaks to the downside, it's hard to see the channel bottom surviving another test,” said Moe.

TraderXO echoes Moe’s thoughts and in the big week ahead sees, “Maybe a run 78s – 79s into .618 fib and pullback.”

Just ahead of halving

It’s been over one and a half months since bitcoin's price has seen the $7,700 level. That too just a fortnight from the halving. With this, the annual inflation for bitcoin will decline from the current 3.65% to just 1.8%, “approximately half of the global annual inflation rate.”

“At this point, adoption doesn't even need to grow to sustain the price anymore,” said analyst Mati Greenspan. However, it’s it be known how this information which is well-known in the market would affect the price.

The third such event is another reason why not everyone is jumping on Bitcoin’s bull train. Supply shock while the hash rate continues to grow means there will be a miner shakeout and difficulty adjustment.

Bitcoin Bitfinex whale Je007 has long been pointing out that halving would affect miners, many of those are over-leveraged who will dump their BTC and in turn price.

Altcoins get slammed down

Altcoins meanwhile that have been enjoying a strong percent of gains have now started shedding them as BTC makes its way up.

“As is quite often the case, alts turn green for several days, bullish alt sentiment comes back only for them to get slammed down again by a significant BTC move,” said TraderXO.

However, Cardano (ADA) is leading the gains today with 7.69% green. In the past year meanwhile, EOS among the top coins suffered the worst with a loss of 41.80% followed by TRON (38.7%), and XRP (33.84%).

The likes of Algorand, PundiX, Holo, Zilliqa, and HBAR lost 65% to 92% of their value.

Bitcoin (BTC) Live Price

1 BTC/USD =$44,059.6400 change ~ -4.28%

Coin Market Cap

$824.47 Billion

24 Hour Volume

$38.21 Billion

24 Hour VWAP

$44.52 K

24 Hour Change

$-1,884.48

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide