It has become a signature move for bitcoin to start the week strong, only to lose its gains towards or at the end of the week. As it does so, it both drags up altcoins and drags them down. This has continuously increased panic and pressure among holders to sell-off when the coin begins rallying. In the last four weeks, these drops have seen bitcoin lose at least 40% of its value and the market cap drop by more than $15 billion.
As we approach the end of the year, every movement is crucial and is being carefully monitored as it could well affect market movements in 2019.
Over the weekend, the market was lit in green and bitcoin steadily got above $3,500, a position it had slipped below on Friday. Today- Monday 10, the crypto leader is crawling its way to $3,600 and in the next couple of hours, should the momentum persist, will be trading above $3,600.
As bitcoin makes its way up, it has dragged altcoin with most coins going green. Although the movement over the weekend was big, ranging between 2% and 15%, today’s gains have been marginal and most coins have not made substantial price changes.
XRP which had dropped below $0.30 has been able to climb above the position although it is encountering resistance in breaking above it. Ethereum, which took the hardest hit among the top cryptocurrencies on Friday- falling from over $100 to below $85, has been able to climb up and is trading just above $92. EOS, Ethereum’s biggest competitor, is today leading the bullish charge as it goes up by 7% in the last 24 hours.
Most are hoping that this latest recovery sticks all throughout the week and by extension the month. However, this will require a lot of work form the bulls. Bitcoin will have to rally higher and higher, a move that will require a trigger. This will help the coin establish a higher resistance and support level, making it harder to slip below key support levels, one of which is $3,500.
The bullish hints being witnessed today suggest that the week will be green but unless the bulls can pull a remarkable performance sometime soon, we will not see bitcoin hit highs of $3,800. For now, it will all be sideways action possibly followed by a reversal that sees the coin drop back below $3,500.