The big bull is, fortunately, one of the few cryptocurrencies attaining gains at the time of this writing. And while these gains are yet to hit 1%, it has been one of the significant factors pushing Bitcoin (BTC) to the $4000 mark. At press time, Bitcoin trades at $3,930. This means that a $70 increase in price could change everything at this point. However, the possibilities of this are worth analyzing.
At present, Bitcoin has crossed over to the $3,900 resistance level, this crossover began yesterday with a daily all-time high of $3,939 and a closing price of $3,911. At present BTC heads towards the $3,950 to $4000 mark but this could largely be terminated with every slight decline. The coin could hit $4,000, maintaining stability, on the other hand, could lead to a downturn that is likely to leave Bitcoin struggling between the $3700-$3800 mark.
However, a boost in trading volume could be the game changer. If BTC attains gains of 10% within the next 24hrs, the big bull could make the much-awaited price breakout and land between $4150 to $4250 resistance levels. However, a 5% increase could still stand as an aid for the price breakout.
Meanwhile, altcoins like Ether and XRP are struggling to stay afloat with 1.04% and 0.64% in losses, these altcoins may either make a price correction if trading volume makes an upsurge.
However, Litecoin (LTC) has managed to escape the bearish trends with slight gains of 1.06% at press time. In fact, LTC has once again knocked down EOS to reclaim the 4th spot with a market cap of $3.44 billion against EOS’s $3.40 billion. At this time, data from Coinmarketcap shows that EOS is down with 0.76% in losses, so there’s a possibility that EOS may not equalize with LTC’s market cap.