Bitcoin has in the last couple of hours successfully climbed as high as $8,300. This came after the asset broke the $8,250 resistance position, fueling the move to $8,300. The position, however, lacked strong support and the asset slipped back below it shortly.
Around the $8,220 position, there seemed to be some support but soon that gave in too. Strong support came at a little under $8,200. Since then, Bitcoin has bounced back up, climbing back above $8,250 again.
Bitcoin (BTC) Setting Itself Apart Again?
Although in the last couple of days altcoins have been following in the trend of Bitcoin, today’s movement could be a signal that Bitcoin is planning to break away alone again. When the market turned bullish a few months ago, it all began with Bitcoin. The asset would rally to new highs while altcoins were knee deep in the red and it was weeks before altcoins joined the bullish trend.
Today as Bitcoin breaks key resistance positions, a majority of altcoins are in the red zone. Such a trend could easily see investors move their money from altcoins and into Bitcoin, increasing its dominance significantly and further support its bullish trend while weakening that of altcoins.
Market Price Update And Forecast
At the time of press, Bitcoin is trading for $8,296 marking a 2% positive change in the last 24 hours. For most altcoins, the change is moderately negative. ETH and XRP, two of the highest ranking altcoins, are down by around 1%. Litecoin, which has been performing exceptionally well in recent weeks is down by nearly 4%.
In the next couple of hours, the bulls will continue pushing prices towards the $8,300. However, finding support above this could prove challenging without some positive trigger. In the days to come, this will get easier as the coin sets a new resistance position, possibly above $8,400. As we reported earlier, a key indicator has signalled massive gains over the coming months. Going by the indicator, its current position could be the lowest we see for the next few years.
Altcoins will in the next couple of hours look to find support before dropping below key supports and over the next few days find the momentum to keep up with Bitcoin, to avoid investors exiting and causing more drops.