Following yesterday’s surge to about ,500, Bitcoin has retraced slightly and trades at about ,350. Most altcoins have also calmed after charting two consecutive days of gains.Bitcoin Steady Above KAs reported yesterday, the primary cryptocurrency initiated an impressive leg up. Bitcoin went from about ,900 to its new monthly high of nearly ,500 with just a few hourly candles.After registering such notable gains in a relatively short period, BTC has retraced slightly and calmed. The asset currently sits at about ,350.From a technical perspective, Bitcoin now faces the first resistance at around ,400 – ,500. Should the cryptocurrency overcomes it, BTC could head towards ,800, followed by ,000.In case of a price breakdown, Bitcoin could rely on the support lines
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Following yesterday’s surge to about $11,500, Bitcoin has retraced slightly and trades at about $11,350. Most altcoins have also calmed after charting two consecutive days of gains.
Bitcoin Steady Above $11K
As reported yesterday, the primary cryptocurrency initiated an impressive leg up. Bitcoin went from about $10,900 to its new monthly high of nearly $11,500 with just a few hourly candles.
After registering such notable gains in a relatively short period, BTC has retraced slightly and calmed. The asset currently sits at about $11,350.
From a technical perspective, Bitcoin now faces the first resistance at around $11,400 – $11,500. Should the cryptocurrency overcomes it, BTC could head towards $11,800, followed by $12,000.
In case of a price breakdown, Bitcoin could rely on the support lines at $11,200, $11,000, and $10,800.
Despite the price increase, though, the data analytics company Santiment warns that the community could be expecting a retrace soon. The keyword “short” has hit a 2-month high on the social media discourse channels Santiment follows, which has “historically been a great identifier of market polarization.”
Altcoins Slightly Retrace
The past two days were rather impressive for the alternative coins, and the entire crypto market cap gained about $30 billion. The situation has calmed on a 24-hour scale with some red charted among most altcoins.
Ethereum, Ripple, and Bitcoin Cash have retraced by about 1%. ETH trades at $372, XRP – $0.255, and BCH has dipped below $240.
Binance Coin and Chainlink have lost 3% since yesterday to $28 and $10.4, respectively. Polkadot is the most substantial loser from the top 10 after a 4.2% decline. Nevertheless, DOT still trades above $4.
Further losses are evident from lower and mid-cap altcoins. Yearn.Finance has lost 16% of value. UMA (-14%), Celo (-9%), Kusama (-9%), Augur (-6.5%), and Swipe (-6.5%) are next.
It’s worth noting that several coins have doubled-down on their recent gains. Ren has jumped by another 17% to $0.33. Arweave (10%), Storj (7%), Cosmos (7%), and Uniswap (6) follow.