It has been nearly a week since the market rallied and broke through the $120 billion market cap. Bitcoin, which was leading the race, broke its short-term resistance position of $3,600. Despite this happening nearly a week ago, the crypto leader, and the wider market by extension has failed to set a more consistent trend.
Although Bitcoin has successfully avoided dropping below $3,600, its now newly established support position, it has also been unsuccessful in breaking past the $3,670 resistance position.
The reluctance being experienced in the market has seen pundits differ in opinion over the coming trend. While others predict that the experienced rally is just the beginning for a much greater rally, others are sticking to the sentiment that the market is still bearish despite recent gains.
Early investors ripped big by buying while prices were down, these investors and newcomers continue to take advantage of low prices to buy more and prepare for the next bullish charge. Woes around the traditional financial sector continue to set up the crypto market for this.
Cryptocurrencies Looking More Certainly Like The Future
Now there’s been renewed believe that cryptocurrencies are the future, following Wells Fargo’s woes. Last week, around the time the market began rallying, customers of the fourth largest bank by asset in the U.S were recording issues with the bank’s services over ATMs and phones.
Although the bank has stated that the issue has been resolved, customers continue to report issues days later. The issue with Wells Fargo is just the most recent one after banks such as British bank TSB, Bank of America and Visa experienced issues of the same nature in the past.
BTC, ETH, XRP Price Analysis
As we approach the weekend, many experts are expecting Bitcoin to replicate last week’s movement and possibly hit the $3,700 mark. This will see it establish a higher support level and draw closer to the $4,000 mark. This is a short-term target for the bulls and one that sets a more consistent bullish trend for the long term.
At the time of press, Bitcoin is recording marginal movement, which has been the case for the last couple of days. Trading for $3,612, the leader is down by a little under 1%. Ethereum, the latest conqueror of the title biggest altcoin, is at the time of press also recording marginal drops of around 1%.
Despite the drop, Ethereum continues to be bullish as it trades above $120 and continues to target $125. XRP, now third in ranking by market cap is trading for $0.30, also recording a loss of less than 1%.