Altcoins

Bitcoin Price Rejected at $36k level, While, Altcoins Seem to Shine!

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Conditions are lining up to give altcoins a boost, which has been hurting as Bitcoin has shown signs of recovery. Ethereum fell below $2,300 but has now risen by 3%, putting it far above that mark. Following a 6% increase, Binance Coin has seen even more significant gains. As a result, BNB has recaptured $300 and is now hovering around $320, its highest level since June 18th. 

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On a 24-hour timeframe, Cardano 2 percent, Polkadot 3 percent, Bitcoin Cash 1.5 percent, Litecoin 1.5 percent, and Solana 1 percent are all in the green, while Ripple and Dogecoin are both halted. 

By far the highest from the larger-cap altcoins, Uniswap has increased by 11 percent. As a result, the price of UNI has surged to $22.

Bitcoin price is currently trading at a crucial juncture under $35K, a break above this key resistance could potentially push the top cryptocurrency back into bullish domains. Yesterday, the major cryptocurrency plummeted to slightly over $33,000. This happened after the stock hit a four-day high of $36,000 over the weekend. 

The bulls, on the other hand, have reclaimed control of the asset following the most recent slump and have pushed it north once more. As a result, bitcoin has regained about $2,000 and is on the verge of breaking above $35,000 for the second time.

The Bulls must defend a 32k level. If the rally fails, the price might fall to $30,000.

Willy Woo, a well-known crypto analyst, posted his TA chart, which indicated an upcoming RSI break. According to him, the break could occur at any point in the near future.

BTC/USD is now the furthest away from the predicted value in more than two years, according to crypto analyst ‘PlanB,’ who has been chronicling his stock-to-flow model since March 2019. He believes the stock-to-flow concept will be made or broken in the next six months.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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