Bitcoin (BTC) Is Well Above $6,700, Altcoins Follow Bullish Lead

Bitcoin (BTC) Rallies As Market Crosses $120 Billion, Is The Rally On?

Bitcoin is continuing with its impressive climb through the weekend. Today has seen the coin climb up by around 7%, seeing it crossover the $6,700 mark. In the last two days or so, Bitcoin has picked up the pace and seen it quickly establish a very high resistance position.

With the latest move by Bitcoin, altcoins have also stepped up and broken the stalemate, those ranking high have turned bright green, recording huge gains. The total market value has in the last 24 hours climbed above $200 billion and at the time of press sits at a little above $204 billion.

This recent bullish momentum comes with not much hype or speculation making it one of the more steady build-ups. With Bitcoin seeming to move above in sets of $100, we now anticipate that Bitcoin will be reaching above $6,900 in the next couple of hours.

Through the weekend, should the bullish momentum persist, Bitcoin could hit highs of $7,000. At this position, we could see the entry of new money as investors get excited over the prospect of Bitcoin hitting $10,000 and above. This step would see the bull run become even stronger and see the market achieve the more daring targets.

Altcoins Make A Comeback

In the last couple of weeks, altcoins have been slow in making an upward movement. This has seen a lot of investors move away from altcoins and head for Bitcoin. Though this has seen the question whether the altseason is over? pop up, the crypto community knew that even if so, a strong rally by Bitcoin would see altcoins make a comeback.

At the time of press, altcoins are recording gains of between 2% and 10%. Some of the highest gainers in the last 24 hours are Cardano, Litecoin and Ethereum which are recording gains of 10%, 9%, and 6% respectively.

It looks unlikely that the recent bullish charge by the market will come without a short price correction in the next couple of days. So, to ensure that the bullish sentiment persists for the long term, the bulls will need to set a high resistance position and quickly find a high support position. For Bitcoin, a resistance position of $6,900 and a support position of $6,700 would be ideal.

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