- Bitcoin surges to $8,808 today, back to $8,700 but approaching $9,000 yet again
- Bitcoin pushed past the previous resistance at $8731 gets us the next target break above $8846 and then Bitcoin off to mid $9ks
- Tron leads the altcoins rally while Cardano records over 8% greens
The leading cryptocurrency is on a strong move yet again as it gets ready to breach $9,000. On a one day Bitcoin price chart, BTC is surging like crazy after starting the day at $8,530. In under 10 minutes, Bitcoin went from about $8,595 to $8,730, seeing a rise of $135 but it didn’t stop there.
After going above $8,700, Bitcoin went on a move again as it surges past $8,800, fast approaching $9,000. However, fro the time being it has taken a drop. At the time of writing, the world’s top cryptocurrency has been trading at $8,680 with 24-hours gains of 2.91 percent.
BTC/USD chart, Source: TradingView
Just this week, we saw Bitcoin briefly touching $9,000 two times, where the second time we went to about $9,100 level only to drop below $8,000. But the flagship cryptocurrency didn’t break off its uptrend as analysts have observed and pointed out.
“We are re-testing previous rising wedge within the larger rising wedge as bulls remain within RSI pennant. A daily break of 8760 region will lead us back making this current resistance support once more,” says crypto analyst The Cryptomist.
Meanwhile, crypto trader and investor, Josh Rager shares how Bitcoin has pushed past previous resistance present at $8,731. This puts the next target above $8,846 from where we are off to mid $9ks.
$BTC bullish price action
Bitcoin held support at $8530 and pushed past the previous resistance at $8731
Next target break above $8846 and Bitcoin is off to mid $9ks
Long term trendline from May has held as support (dotted line) watch this to hold as support moving foward pic.twitter.com/ufjVAhv9To
— Josh Rager (@Josh_Rager) June 2, 2019
While Bitcoin is back on the rise, altcoins are also enjoying the grees. Out of the top ten cryptocurrencies, Tron is leading the pack with over 11 percent gains at $0.04 all thanks to the announcement of an announcement made by Tron founder Justin Sun.
— Justin Sun (@justinsuntron) June 1, 2019
Just like Bitcoin, XRP and Litecoin are also up by over 2 percent while others like Cardano that is up by more than 8 percent are also doing really good.
Today’s top gainer is Komodo with 16.59 percent gains while Mixin and EOS have lost by 6.99 percent and 5.21 percent losses respectively.
This has the total market cap approaching $280 billion yet again as it currently registered at $277 billion.
However, there might be a lot more scope for gains for altcoins as the last time Bitcoin started the initial bull rally altcoins capitulated. However, after the first Bitcoin pullback, altcoins stabilized, From there, they went on a strong rally.
Look what happend to the #ALTs cap back in 2015 when Bitcoin started the initial Bull rally
— Velvet (@888Velvet) May 27, 2019
We already saw Bitcoin dropping 12 percent which led altcoins to bleed as well, by that it might mean altcoins will get their rally this time.
- Source: First Appeared Here
- Published Time: 2019-06-02 16:37:44
The views and opinions expressed in the article Bitcoin Price Briefly Retests $8,800 BTC/USD, Here’s Why a Strong Rally could be Coming for Altcoins do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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