Bitcoin (BTC) course recovers after ‘fake-out’, altcoins also in green

Bitcoin (BTC) course recovers after 'fake-out', altcoins also in green

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Yesterday, bitcoin (BTC) started the day with a big dive, putting the price far below $ 10,000. However, it ended the day with a huge rally that brought BTC well above $ 10,000. In short, the last 24 hours were quite volatile. The altcoins are also back in green with ethereum (ETH) as the biggest riser.

The price of ethereum (ETH) is currently $ 218.20 after having gained 5.8% in value in the last 24 hours. While bitcoin dipped, ETH also briefly dipped, but now the BTC also follows up again. Ripple (XRP) still seems to be consolidating with a slight increase of 0.5% and a value of $ 0.2337.

24 hours ago, total market capitalization stood at $ 262.8 billion. However, market capitalization has risen sharply and is now at $ 270.3 billion. Against bitcoin’s market capitalization of $ 183.2 billion, bitcoin dominance comes out at $ 67.7%.

Bitcoin (BTC)

Yesterday, the bitcoin rate fell far back after it sank through a number of important supports, including the support zone at $ 10,000. This brought BTC back to the $ 9,585 price level. While some analysts expected this to be the start of a larger outbreak, it seems that this was a so-called fake-out.

The BTC price rose sharply again in the hours after the dive. After trading just above the support at $ 9,800 for a few hours, bitcoin rose in a quick move through the $ 10,000 and $ 10,200 at the start of last night to eventually encounter resistance at $ 10,300.

At the time of writing, the price of bitcoin is $ 10,205 according to CoinMarketCap after having increased in value by 3.2% in the last 24 hours.

Since tapping the resistance at $ 10,300, BTC has fallen slightly again and the price is trading at the support zone of $ 10,200. The rate is currently just above the 100- moving average (MA) on the hourly graph. This line may offer support. If this is not the case, the rate may fall back towards $ 10,150 or $ 10,000. A new fall below this level can mean an acceleration towards $ 9,800.

At the top is the closest resistor at $ 10,300 with an important resistor at $ 10,400 above. An outbreak above these two zones can speed up the price towards $ 10,500 and $ 10,800.

About Viktor Sokolov 143 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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