The price of Bitcoin is now looking to break the resistance at $10,000 as the King cryptocurrency wakes from its long-endured slumber. It would appear, eventually, that the ongoing alt season proves beneficial to many cryptocurrencies.
Now including bitcoins, the general crypto markets have swung into a full-blown bull market which may be around for a while.
Various altcoins rode this season while btc laid low. Although bitcoin was seen moving rapidly towards the $9,500 area, some alternate coins like LINK record repeated gains at the time.
The market left different coins with certain effects. Few altcoins that were originally recording huge profits are now seen declining and giving in to selling pressure. Among those described are SNX and OMG which have both lost around 12% altogether.
Bitcoin is now trading at $9,948 after gaining around 7% within the last two days. The price began a first test beyond the $9,500 level following a rise in the price of Ethereum towards the $280 mark. However, as Ethereum grew its profits by percentages which pushed the price beyond $300, bitcoin is seen to have shown signs of a correlation.
Price Movement And Possible Future Turnout
BTC took the stage on July 25th starting out under the $9,600 area. However, before long into the trading day, BTC/USD had surpassed the resistance at the level and was moving towards higher heights.
The price momentum saw a significant boost in the early hours of July 26th when it surge sharply by around 3.5% to attain a peak price at $9,990 per unit. Although since then, the cryptocurrency gave in to a little selling pressure, the bow wasn’t enough to sink its price below the $9,900.
BTC looks strong presently at its present price and further upside seems highly possible. In the short-term, prices are predicted to be aiming the $10,500 mark.
Analysts Views About Bitcoin Price
According to popular crypto analyst, Crypto Dog, the price of BTC is somewhere comparatively lower than what’s expected in a week’s time. In a tweet posted this morning, the top analyst expressed optimism on bitcoin and few altcoins.