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Bitcoin cryptocurrencies made headlines at the end of 2017 with a trading value near $20,000. Since that high note, the price of BTC has been in freefall over the first eight months of 2018 with a loss of nearly 70 percent of that value. The market bulls have been looking for some sort of sign that the price of BTC has bottomed out, while the bears continue to speculate just how low the value might sink.
Friday’s market report on www.coindesk.com by Omkar Godbole as a leading authority in the cryptocurrency industry painted a promising picture for the bulls with a BTC price surge to $6,745 coming off a five-week low of $6,100. At the end of trading on Friday, the price retreated a bit to $6,681.17. The 24-hour gain for BTC was close to five percent, which is an encouraging sign given the downward pressure this crypto has endured in recent months.
According to CoinDesk, this surge in value was directly tied to increased investor demand for altcoins. As an example, XRP’s value exploded with a 42 percent increase as the third largest cryptocurrency in the market by capitalization. It was noted that 18 percent of XRP’s total trading volume was tied to XRP/BTC pairs according to ArmyOfBitcoin.com.
Aurora (AOA) is another popular altcoin and its value increased over 57 percent as the top performer of the day in the CoinMarketCap daily recap. AOA could attribute 60 percent of its total trading volume with BTC pairs. The 43 percent increase in MONA share price was directly tied to MONA/BTC and MONA/JPY pairs as cited in volume data.
The CoinDesk recap also added that most alternative cryptocurrencies are traded against the majors such as BTC and ethereum’s ETH token. This means that money flows into altcoins via BTC, which in turn creates some upside pressure on the industry’s leading cryptocurrency. This could actual trigger future gains for BTC if this sudden altcoin rally continues to attract investors to the overall crypto market.
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If the value of BTC can hold above $6,600, it would paint a much more bullish outlook moving forward. A retreat below that new benchmark would paint this recent surge as a temporary blip on the screen for bears that believe BTC has yet to reach its low for the year. The market resistance as been set at $6,600 given the trading charts over the past few weeks.
Referred to as the ‘pennant pattern’, BTC could move towards the upper edge of this pattern over the weekend which has been set at $7,050. If that were to happen, a UTC close above that level could signal an upward market surge pointed towards July’s highs above $8,500.
The overall view from CoinDesk detailed three bullet points:
–BTC’s surge in value is tied to an uptick in investor interest in altcoins
–This surge has created a favorable environment for values exceeding $7,000 with a bullish cap of $8,500 if this rally continues.
–The downside would be a retreat below the benchmark value of $6,600 to give credence to the bears, who would then be back in charge.
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