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Bitcoin Bulls are back with zeal: Market updates

There was a sudden change from bear crawl to full-fledged bull on July 20. It made more exciting day for bitcoin proponents. The price pricks resulted with a high of US$2930 per BTC exchanges globally. It was difference of huge price with recent low into the $1850s.

Bitcoin Bulls are back

On July 20, the decentralized currency came into existence for reaching $3K/BTC as it was a spectacular day for bitcoin market. Since, it was reaching a low of $1850 per BTC on 16th July and the digital currency is being experience a recent break out. On August 1, the first fall was attributing to uneasiness and fear regarding bitcoin split. Now investors are trusting the hiked price to the BIP91 lock-in and more intentions of Segwit (Segregated Witness) activation. There is an increase in trade volumes across $2 billion. Therefore, bitcoin’s market capitalization ascendancy in contradiction of Altcoin markets has risen to 48%.

Technical Indicators

At present, order books and bitcoin charts seems to be well. Over the past 48hours, a glance at the charts the 100 Simple Moving Average(SMA) over 200 SMA bitcoin will try to move ahead and push the level of past resistance.

Along with Fibonacci retracement after yesterday’s high above $2900 indicates the resistance points again above that price range. The relative and Stochastic Strength Index (RSI) expose similar stories as both propose more profit taking may befall with more instability. Further, on Bitstamp and other popular exchanges, an enormous sell walls around the $3K territory.

The top ten cryptocurrency markets

Generally, in cryptocurrency markets as many altcoins are experiencing pumps from bitcoin’s 20% price rise. The second largest market capitalization, Ethereum market are seeing a less climatic rebound up only a few percentage. Presently, Ethereum is $227/ETH with a market cap of approximately $21B.

Ripple (XRP) is 3% at $0.18 per XRP after seeing a significantly declined. Litecoin (LTC) is of 5% has managed to hold a token value of over $45 per LTC. There were five niches by Ethereum Classic (ETC) which is presently hovering at $16 per ETC. Dash is $190 per token, IOTA $0.29, NEM $0.14, Stratis is $5.80 and Monero $41. On the notice, Stratis market are doing well and increased 20% over past a day.

The Verdict

The cryptocurrency ‘community’ look expectant due to the market reflection and the progress happening with the Segwit2x roadmap. The price coincided with the approaching lock in activity when the network’s mining pools joined together to enact BIP91. Therefore, the rise to $2930 as BIP91 locked in was short lived as the price dropped to sub – $2700.

Bear Scenario:

It is more likely to the price which will be volatile and the traders should do well in the field. Currently, the order books are with solid foundation in the $2400- 2500 range that should hold for the time being. If the particular zones are broken due to negative news or some kind of market regulations which could implement the $2000 levels.

Bull Scenario:

After Thursday, an exclusive bull run was possible bitcoin could surpass $3K/BTC. Therefore, there is a large sell offs in that price territory but the price may increase id buyer manage through resistance. Over all, trade volume and Bitcoin markets are going well and market should continue to be very active. At the time of press, bulls have to break the confrontation past the $2800s and above to see some smooth sailing.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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