Late last week, a price drop that seemed to have been triggered by a large volume sale brought fear into the minds of many investors. Although there were technical indicators that Bitcoin was still strongly bullish, many had begun fearing that the bull run had already come to an end. But, their fear is now no more as Bitcoin has roared back to life heading towards the end of the weekend. Its come back now sees it go into the new week strongly bullish.
Bitcoin has is at the time of press nudging at the $8,000 position and rallying by as high as 10%. Its price surge has further seen many altcoins bounce back with Bitcoin Cash, Binance Coin, XRP and Ethereum all among the top coins enjoying gains of more than 7%.
This has since seen the market recover much of the lost value during the price plummet and see the total market cap hit highs of $250 billion. The recent bounce back from lows of $7,000 to $8,000 in a day or two is to some analysts a testament of how strong the bullish sentiment currently is.
The $10K Target Still Unachieved, But Not For Long
Over the coming hours, the bulls will look to open up a huge lead, establishing a high resistance position, possibly around $8,300. A more ambitious outlook would see Bitcoin hitting $9,000 going into the new week. It will also be crucial to try and keep price above $8,000 henceforth and ensure that the bull run remains uninterrupted.
As we reported, during the dip some bulls took the opportunity to accumulate Bitcoin. Bitcoin not having slowed down since it began rallying a couple of weeks ago, giving investors a chance to accumulate Bitcoin during its weekend dip and those who took the chance are already a couple of hundred dollars up.
Last week, Bitcoin was looking set to test the $10K position but failed. Is it possible in the coming week? It certainly is. With Bitcoin rallying as high as 8% over the coming days, this is easily achievable. However, following the dip, it is evident that prices are still susceptible to several negative triggers. Especially with whale movement, over the coming days, they could be potential makers or breakers.
Leave a Reply