As Bitcoin price stalled at $9,300 again, altcoins capitalized on the sideways price action to rally to new multi-year highs.
Listen to article Market Update Within the last few hours Bitcoin price pushed above $9,300 after struggling to hold the $9,300-$9,400 level for the past three days.
The move was accompanied by a notable surge in purchasing volume which is exactly what is needed given that on July 6 and 7 the Bitcoin price formed a tweezer top and rejected at $9,374.
Currently the price trades slightly above the 20-MA and the descending trendline from the local high at $10,377 on June 1 but Bitcoin's failure to hold the $9,300 level means that a shot at $9,600 remains out of reach.
Aside from the need for Bitcoin price to set a higher high above $9,374, the VPVR shows a high volume at $9,450 so bulls are not out of the woods yet.
Traders will be watching to see if the price can secure a 4-hour close above $9,300 and if Bitcoin can push through the $9,450 level then a surge to $9,600 is likely.
If Bitcoin price fails to hold $9,300, the 4-hour time frame shows support at $9,225 and below this at $9,000.
As Bitcoin price slowly worked its way through resistance to $9,300, a handful of the top-50 altcoins posted strong double-digit gains.
Cardano reached a new 2-year high by rallying 26% to $0.13.Chainlink also rallied 6.11% to a new all-time high at $5.99.
According to CoinMarketCap, the overall cryptocurrency market cap now stands at $271.3 billion and Bitcoin's dominance rate is 63%.Keep track of top crypto markets in real time here.
Bitcoin Price Stalls at $9,300, Altcoins Rally to New Multi-Year Highs
Publié le Jul 8, 2020
by Cointele | Publié le Coinage
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