Bitcoin is at a pivotal point as it hits its $6,800 high. This resistance position earlier in the week proved resilient seeing a strong retracement ending at the $5,800 support. Following yesterday’s surprise upsurge triggered by the FED’s announcement on ‘unlimited QE’, Bitcoin is set to test the $$6,800 resistance again. Will it break above this time or will it elude the bulls once again?
The $7K position is key as it holds the potential to see Bitcoin buying soar due to FOMO. Bitcoin interest has been on the rise and much like Gold, the safe haven narrative is beginning to play a role. Billionaire Mike Novogratz has pointed out that since Gold has surged in the last few days to its recent highs, Bitcoin will soon be catching up.
In the next couple of weeks, the crypto community expects cash handouts in the U.S and U.K to boost the crypto market. Additionally, the Bitcoin halving now 50 days away, will be an even greater catalyst.
Altcoins Ride Bullish Wave
Altcoins are also riding the bullish wave as most have added over 10% in the last 24 hours. The latest gains see the total market cap climb to around $190 billion. Among the best performers are Monero, Tezos, and Chainlink. Ethereum, which has been leading altcoins in the last couple of months, is up by around 12% at the time of press.
Bitcoin dominance which has been above 65% suggests that altcoins have been oversold in recent weeks. This as most investors seek refuge in Bitcoin which proves to be more stable during market bloodbaths.
Altcoins could hence climb very high if the upward trend persists with higher targets in sight. Ethereum, for example, could climb to highs of $200 from the current $140 levels.
The altseason seen at the beginning of the year could yet be witnessed once the bullish trend solidifies and huge movements begin to be recorded consistently.