Bitcoin is the gold standard in the world of cryptocurrencies. It is the movement of Bitcoins which decides the movements of other cryptocurrencies on the graph. Fortunately for the markets, Bitcoin is on an uptrend. Over the past two days, Bitcoin crossed the $9,000 and $10,000 marks. This has resulted in a market recovery where almost every other major coin which had dipped is now rising.
If you notice the way Bitcoin soared, it has been a sustainable growth with a number of ups and downs. However, the dips were smaller than the highs. With Bitcoin price shooting upwards, the markets have finally entered the recovery phase after over three weeks of ‘bloodbath’. While many speculate this to be a ‘whale trap’ to entice investors to put their money, this might actually be a legitimate recovery.
Bitcoin has now broken past two layers of resistance – the first being the $9,000 mark and the second being the $10,000 mark. If the currency continues to hang-in between the $10,000 and the $11,000 price points for another 12 to 24 hours, it may eventually soar to $12,000 where it may meet some resistance. For now, the markets are bullish and have a strong line of support while the lines of resistance are crumbling.
The Bitcoin market cap, which had dipped to $105 Billion on the 6th of February is now back up to the $172 Billion mark. All of these are healthy signs and it appears that at least for now, the bears have been wrestled out of the markets by the bulls. For now, we expect the currency to keep growing – but a major resistance awaits at the $11,800 to $12,000 levels where we expect a small correction that will cause a minor dip.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advise.