Bitcoin remains bullish on Sunday, climbing to 10,922 USD as of 16:00 a.m. ET. A multitude of metrics supports this claim.
The Bitcoin price, which began the year at under 4,000 USD, has soared to over 10,000 USD in just a few months, pushing cryptocurrencies back into the limelight after a disastrous 2018. Over the past week, investors’ short-term sentiments about Bitcoin’s prospects appear to have improved. While last week’s market update made the case for why top investors and analysts are overwhelmingly bullish on Bitcoin’s predicted long-term price action, the fall from 13,800 USD to 9,100 USD Ndid shake retail investors confidence for the short term.
However, after recording a new 14-day high at 10,919 USD, Bitcoin encountered the long-term ascending trend line. That line had supported Bitcoin since the beginning of May, and Bitcoin only recently broke below it. Yesterday was the first attempt to get back above the line, testing it as resistance.
Prior resistance levels that were obliterated throughout Bitcoin’s ascension from 4,000 USD to 13,800 USD proved to be weak support and many investors expected Bitcoin to drop to 8,500–7,500 USD before reversing course. Investors will have noticed that Bitcoin formed a double bottom around 9,100 USD and some believe that the expectation that Bitcoin will drop to 7,500–8,500 USD will be a non-event as larger hands will front-run a trend reversal from 9,000 USD.
Since July 28, Bitcoin pulled off a low-volume upside move and the 19.6% gain brings the digital asset back to 10,800 USD. The 10,800 USD is a significant price point as it aligns with the 38.3% Fibonacci retracement level and is a few hundred dollars away from the 11,200 USD resistance. Even more important from a psychological and technical point of view, a sustained move above the 11,200 USD resistance places Bitcoin back into the rising wedge formation that carried Bitcoin from 4,000 USD to its 2019 all-time high.
Recently, the chairman and the founder of NodeSource, Joe McCann, also an analyst, evaluated Bitcoin’s one-day chart with Moving Average Convergence Divergence (MACD), an indicator that follows trends. His findings revealed a bullish crossover, coinciding with the golden cross in the aspect that Bitcoin’s price will increase.
Bitcoin bull Max Keiser already has a six-figure price target for the flagship cryptocurrency. He believes that the digital asset will eventually replace gold as a safe-haven investment and beat the returns of all asset classes. If that claim doesn’t seem ambitious, then his latest tweet definitely will. Bitcoin is currently trading at just under 10,700 USD, and the Keiser Report host predicts the cryptocurrency will stage a tremendous rally of 40% to 15,000 USD this week.
Crypto market recap
The crypto market is mixed on Sunday with major altcoins failed to find single direction.
Ethereum is down by 0.79% to 220.93 USD. Yesterday, the cryptocurrency opened with a heavy upsurge. The coin started at 217.61 USD and jumped to 224.01 USD by 2.94%. The coin maintains itself at the level, but there was a drop in the middle of the day. Ethereum price momentum has been reacting well since the beginning of the month. We are quite positive that August would bring a happy time for the investors. The intraday traders would also be seen booking profits from the altcoin market. The long-term traders could swim in the Ethereum pool with a prospect of high profits. The currency is a result of giving investment. The coin is speculated to touch 500 USD by the end of 2019.
Ripple’s XRP is the biggest winner today, gaining 1.5% to 0.3219 USD. Yesterday, the Ripple opened at 0.3115 USD and immediately jumped to 0.3157 USD. The escalation marked was of 1.12%. XRP coin has strong maintained itself in the crypto market. The future of Ripple is also bright. Thus, the investment in the coin wouldn’t go in vain. We are anticipating that the coin might be seen hovering around 0.7 USD by the end of the year.
Bitcoin Cash stalled at 334.28 USD, while Litecoin and Binance coin declined by 2.5% and 1.2%, respectively.
Tezos is the biggest winner among mid-caps today. It gained more than 5.6% to 1.46 USD.
Following yesterday’s uptrend, the total cryptocurrency market value rose to 291.977 billion USD.