- The cryptocurrency market capitalization has risen to $2 trillion.
- A breakout from the recent consolidation may leave room for Bitcoin to move higher.
- Alt-coins are looking to relaunch their rally.
Bitcoin is now back at its multi-month high of $48,100 after a brief period of price volatility. It may soon return to levels last seen in May, when it was just above $48,100. This resistance might hold for the first time, but the positive market mood will likely see more attempts to overcome it if the initial attempt fails.
The daily BTC/USD price is now just above the 50% Fibonacci retracement level that has proved difficult to break above conclusively. While the spot price has returned to the 200-day simple moving mean, the CCI indicator remains in a neutral territory. Because of lower volumes, volatility can occur during weekend trading sessions. Therefore, it is important to manage risk before you enter any trade.
Ethereum broke out of its recent bullish trend channel this week, but its sell-off was stemmed by the 20-day sma mid-week. If the moving average is supportive, Ethereum could break into the multi-week-long uptrend. The CCI indicator remains in neutral territory, but is close to flashing an overbought signal.
After a period of calm, the alt-coin has seen a rebound with coins Polkadot and Ripple (XRP) recording double-digit percentage gains in the past 24 hours. The remainder of the space is covered in green ink, with single-digit gains ranging from middle to high.
How do you feel about Bitcoin, Ethereum and the Alt-Coin markets – are they bullish or bearish? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.
