Crypto Market Update: Bulls Reverse Gains as Slight Downtrends Surface

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The market reopens in a rather bearish state, highs dwindle and lows go even lower, the intensity of the decline was more pronounced in the last 24hrs. Although stability in the market at that time would have led to multiple price breakouts which would include Bitcoin and a handful of other altcoins.

Despite this delay, the market is swiftly moving in a path of recovery with slight gains. Bitcoin is currently increasing in market value with over 4.84% in gains. 

Bitcoin

Over the last 24hrs, Bitcoin neared the $12000 area but took a reverse back to the higher end of $11,000 mark. Bitcoin with more than 6% increase in volume hit a daily all-time high of $11,968 and lowered momentum to $10,818.

The coin closed impressively at $11,961. At press time, the trading price is moving steadily from $11,773 to nearest resistance levels. The possibility of a breakout in price should be expected within the next 24hrs. With the help of an increased trading volume, a $12,000 breakout is likely to happen.

The bears still remain very present in the Altcoin market. Tokens and coins are also experiencing a slight decline. At the time of this writing, ETH and XRP are on the lower side of the spectrum, with 0.41% and 1.52% decline respectively according to CoinGecko, both altcoins struggle to stay afloat. Meanwhile, ETH could hit the $300 valuation if a correction in price occurs within the next 24hrs. 

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On the other hand, Litecoin, BCH, and EOS have fortunately attained fair gains, well enough to fuel these altcoins climb to an increased trading price. With 1.38%, 1.24% and 0.26% in gains, these altcoins narrowly escape the bears.

However, a major breakout in price is not likely to occur, instead, stability is what is being maintained so far. Tezos XTZ and Maker MKR have also been on the path to stability, with Maker trading at $651, resistance levels of $690 to $700 might soon be surpassed.


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