Bulls returned on cryptocurrency market, pushing the Bitcoin price up to 3,900 USD and attacking the resistance level of 4,000 USD. The growth spread among all major altcoins with Ethereum rising by 4% to 138 USD, Ripple appreciating by 0.9% to 0.3145 USD and EOS registering an increase of 7% to 3.75 USD. The biggest winner from the rally was Litecoin, which rose by almost 9% to 55.32 USD, conquering key threshold.
The total market value of the cryptocurrency market rose to 132.584 billion USD.
Bitcoin technical analysis
Bitcoin made a 5% move higher yesterday up to 3,877 USD, which was necessary to signal that the bulls would take the market back towards 4,000 USD.
Yesterday, the price of the Bitcoin fell below the support level of 3,720 USD and tested 3,670 USD. The cryptocurrency resisted and returned to growth, breaking above 3,710 USD, paving the way for a new rally. The price jumped and broke the resistance levels of 3,750 USD and 3,800 USD.
More importantly, there was a breakthrough over the main downward trend line of 3,780 USD. Bitcoin even beat the most important resistance at 3,860 USD.
However, the buyers failed to keep above the resistance at 3,860 USD and the price stepped away from the highs, falling 3,840 USD. There was also a breakthrough at 23.6% Fibo rate for the latest increase from 3,672 USD to 3,875 USD.
The price formed a consolidation model with 3,810 USD support. If the trend moves down below 3,810 USD, the Bitcoin price can test 3,775 USD and a 100-hour simple moving average.
Additionally, the 50% Fibo rate of latest increase from 3,672 USD to 3,875 USD is also close to 3,775 USD. The main support is close to the level of 3,760 USD, which was resistance earlier. On the upside, the price has to be set above the resistance level of 3,860 USD to climb even higher.
Ethereum technical analysis
After a sharp decline, the price of Ethereum found support close to the level of 122 USD. Later, it overcame the resistance of 130 USD and the 100-hour simple moving average (SMA). Additionally, there was a break above the 61.8% Fibo rate on the last decrease from 135 USD to 122 USD. This opened the doors for additional growth and the price rose above 130 USD and 132 USD.
During the rally, yesterday’s highlighted core bearish trend line was broken with resistance at 130 USD. Finally, there was a breakthrough over the resistance of 134 USD and the price overcame the key resistance of 139 USD.
Sellers appeared close to 139 USD, which led to insignificant pressure. The price dropped below 136 USD and 135 USD. There was a jump below the 23.6% Fibo on the last increase from 122 USD to 139 USD.
However, the 134 USD support acted as a decent buy-in area and the price started to consolidate profits. The price may fall to support of 130 USD and a 100-hour simple moving average. The level of Fibo on the last increase from 122 USD to 139 USD is also close to the 130 USD level to act as support. The next key support is close to 129 USD (the previous resistance).
Bitcoin whale moves cryptocurrency worth over 250 Million USD
A big Bitcoin whale was recently spotted in the crypto verse. According to a report, a whale just moved Bitcoin worth over 250 million USD. The fund was moved from a very old Bitcoin address. A move of such magnitude could have a huge effect on the value of the digital currency.
Nevertheless, orders of this nature don’t go through normal trading platforms. This would greatly disrupt the price of the coin in the market. Hence, they adopted another route in the movement of the fund.
However, according to investors and crypto community watchers, the move has not affected the market and was not related to the recent increase of Bitcoin price.
The crypto market is yet to start a major bullish run. A lot of investors and traders are patiently waiting for the sharp recovery of the crypto market. However, no one knows how huge the next recovery would be and when it would be.