Last week’s market struggle came to an end with a change of trend on Sunday. As the new week got underway, the market saw a fresh wave of green. The change in trend began with altcoins.
As we reported earlier, this began with top coins, ETH and XRP. In the late hours of Sunday and early Monday, the two were rallying by more than 8%. This soon saw Ethereum climb from under $190 to cling on to the $200 psychological position. XRP on its part climbed from $0.26 to trade above $0.28.
Soon after altcoins began rallying, Bitcoin joined in. The crypto king was trading a little above $10,300 for much of Sunday. The new wave of gains saw the asset climb to hit its new week high of $10,700. There is some major resistance around this position and the crypto leader like most coins has stalled since hitting it.
This resistance now holds the key to Bitcoin hitting $11K. Given daily trading volume is relatively low, just above $15 billion for Bitcoin, a slight pullback cannot be discounted in the next two days. If this is the case, the asset will look for strong support above $10,500. This will ensure the asset keeps the bullish sentiment going as investors target new highs before the end of the week.
What Triggered The Rally?
Some say that the Bakkt announcement earlier in the week could have triggered the rally late in the week. The firm announced that they would be launching Bitcoin futures in September after getting approval from the Commodities and Futures Trading Commission (CFTC).
While this could have triggered the rally, given the surge began with altcoins, it looks unlikely to have been the case. Additionally, this is not the first time Bakkt has announced the launch of Bitcoin futures only to cancel days to the launch.
Another trigger could have been the Hong Kong protests. As we have reported, this could see market prices surge in the days to come. Many speculators are anticipating prices to rise as the situation escalates there and could have rushed to buy up and hold while prices are low.
Whatever the case, the market is well set for new highs, possibly before the end of the week. For altcoins, this time they are enjoying good dominance and will likely share in on the gains.