The week has been a rough one for Bitcoin which is now set out on a recovery path. After Trump’s comment on Bitcoin, the massive publicity it gained did not do any noteworthy increase to price as reflected in the cryptocurrency market, however, the bulls have stepped in and Bitcoin is bent on making a recovery within the next 24hrs.
With a $10 billion increase in market capitalization within the past 24hrs, it shows that the bears have a weakening grip on present market movement. Trading slightly below the $10,800 resistance level at press time, the bulls are leaning closer to the $11,200 resistance level as BTC tries to maintain support.
This is a great fall from yesterday’s high of $11,329 before a bearish reversal knocked the price lower backward. Against the USD, BTC is up by 4.85%, one of the overall best gainers at present.
Pairs of BTC/USDT is topping the markets, however, only traders from CoinBene have remained unmatched in trading. With $848,790,498 in trading volume since the past 24hrs, its BTC pairs are headed for $1 billion mark.
The next 24hrs is a crucial one for BTC, traders should expect multiple bullish and bearish reversals as with the past 24hrs. Bitcoin is currently retesting prior support levels of $10,549, but the price is expected to navigate below the $11,000 mark for a while, before a possible cross over to break previous highs from yesterday.
The bears are still pushing price downwards but BTC is less likely to close below the $10k mark once trading price crosses the $10,800 resistance level.
Altcoins, on the other hand, are nursing slight gains, well enough to stay afloat while struggling to push back the bears. From as low as 0.12% to 8.24%, altcoins are in between the path of a price breakout and a bull run overtime.