“Day of the Rat” in Chinese New Year: Bitcoin price up to $ 8.600, altcoin market turns green
The cryptocurrency market is back in the green this “Day of the Rat” in Chinese New Year following a 4% gain from the king of crypto. BTC markets have been bolstered again and a couple of factors could be in play.
Following a fall from resistance last week, Bitcoin (BTC) price gained above $8,500 after spending the previous day trading in the $8,200 to $8,400 range. At the time of writing, bulls are attempting to push through the $8,500 to $8,700 resistance zone in order to inch toward a daily lower high at $8,800.
BTC price daily chart | Source: Tradingview
Analysts such as Josh Rager have commented on the premise that anything holding over $8k is bullish the longer it stays there.
I’ll continue to accumulate sats via trading at these ranges and will buy spot $7ks or below. The longer we range above $8k, the more bullish, imo. Also accumulating a few specific altcoins at these levels for longer-term holds. said Josh Rager .
There could be a number of factors in play which have resulted in a return to resistance for BTC.
BTC USD 6-hour chart | Source: TradingView
On the 6-hour chart, the moving average convergence divergence (MACD) has a bull cross and the histogram has flipped positive, showing a sharp increase in momentum. If Bitcoin price can break above $8,650 and flip $8,800 from resistance to support the price could rally to $9,100 which lines up with the upper arm of the Bollinger Band indicator.
Altcoin market turns green, Bitcoin Cash increases by over 13%
Ether (ETH) continues to sync with BTC. The leading altcoin has bounced off its daily low of $ 160 before rising to its current trading price around $ 166. Ether only had a modest increase of about 3.7% at the press time.
Bitcoin daily price chart | Source: Coin360
XRP – the third largest currency by market capitalization – also follows today’s uptrend and is currently trading at $ 0.227. XRP has only increased by more than 3.5% in the last 24 hours.
Some notable altcoins that are moving along with Bitcoin’s price increase are Bitcoin SV (BSV) with a staggering 7% increase, Bitcoin Cash (BCH) with a rise of 13%, Litecoin (LTC) at 4.7% and Dash (DASH) surprised investors by continuing the last weekend rally to reach 13%.
Total cryptocurrency market capitalization is currently at around $ 240 billion. In particular, Bitcoin Dominance accounts for 65.8%.
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