The cryptocurrency community is once again on their toes wondering if Bitcoin can surge past $9,000 this weekend. It’s also worthy to note how fast the market sentiment has changed given that two days ago, a decline below $7,400 was expected. However, Friday came bearing good news after Bitcoin spiked from $8,200 to $8,600.
Bitcoin’s Surge Began on Friday
As of press time, Bitcoin is trading at $8,806 which is a $4.72 percent gain in price from 24 hours ago. CoinMarketCap’s platform shows that the surge began on Friday where it opened around $8,200. On the said day, it had a market capitalization of $146 billion which is a distance away from its $156 billion market cap today. The trading volume has also picked up from $18 billion to as high as $20 billion.
In addition, Bitcoin’s confluence detector shows that its strongest resistance is around $8,725. What this means is that if the bulls can gain more momentum and bypass that current resistance, then there’s nothing stopping Bitcoin from trading above $9,000 for the second time since November 2018.
High Expectations for Bitcoin’s Surge to $9,000
Therefore, expectations are high at this moment as to what the virtual asset will do. Will it surge higher during the course of the weekend, or decline even before we live up to Monday? One can only hope and wait.
On the other hand, Bitcoin’s current support lies between $8,425 and $8,675 and its resistance lies between $8,725 and $8,975. $8,725 is its previous week high while $8,975 is its daily Bollinger band upper curve.
While Bitcoin may have surged in price, altcoins have maintained a steady rise with others even declining in price. This goes contrary to what would’ve been expected since a spike in Bitcoin’s price usually influences the entire market. At this point, one may assume that these assets are being dumped in order to benefit from the high volatility of Bitcoin at the moment.
Top 10 Cryptocurrency by Market Cap Gain in Price
Nevertheless, Ethereum, Ripple’s XRP, Litecoin, Bitcoin Cash, and generally, the top 10 cryptocurrencies by market cap have all experienced gains in the last 24 hours. ETH, for instance, has a price of $269.31 which is a 5% increment from the past 24 hours. Ethereum’s market cap of $27 billion has also increased to $28.7 billion.
Ripple’s XRP is also maintaining a 4% price increase, currently valued at $0.41. However, in comparison with Thursday, its market cap is the same $17 billion even though it has seen a slight increment from its $16.5 billion yesterday.
