After noting increases equal to 4% in the last 24 hours, Bitcoin (BTC) hits the level of USD 9,000 for the first time in a week. Altcoins are also going up in price fast. Tezos, Binance Coin and Bitcoin Cash are among the leaders.
Bitcoin (BTC) gains 4% in 24h. The bulls are looking at 9,500 USD
After dynamic, three-day lasting declines at the beginning of last week, Bitcoin (BTC) got stuck in a narrow range between USD 8,460 and USD 8,950. Since BTC's strong attempt to get above the level of USD 9,000 at the beginning of March, the token slightly backed off. Today, the leading cryptocurrency was testing the upper limit of this level and after eight sessions, it finally went above it.
Currently, the price of Bitcoin is 9,065 USD (according to CoinMarketCap), after an increase of 4% from yesterday's lows, and is opening the door to higher profits. This is the largest one-day BTC increase in over two weeks.
On the daily chart, right above the current price, the first level of resistance is USD 9,125, followed by USD 9 600 and USD 10,375. Below the current price the first support level is USD 8,800, followed by USD 8,710 and USD 8,525.
As the experts claim, the influx of positive news, including yesterday's news about the Supreme Court of India revoking a banking ban against the cryptocurrency sector, and today's rumors that South Korea allegedly legalizes cryptocurrencies have caused market participants to jump with joy, expecting that the price of the coin will increase.
According to an analyst, Tanya Abrosimova, Bitcoin is rapidly moving towards the next important resistance level of USD 9,250, created by a combination of daily SMA50 and 23.6% lifting of Fibo from July 2019 to December 2019. It was followed by the level of USD 9,300. When it is not disturbing anymore, growth might benefit from traction, and the next step will be 9,600 USD.
The increase was also commented on by an esteemed analyst, Crypto Michael. He writes that the area of 8,950 - 9,000 USD has become a support. The analyst believes that BTC is now heading towards USD 9,250 and does not rule out a subsequent increase to USD 9,400.
Altcoins increase in value fast. Tezos, Binance Coin and Bitcoin Cash are the growth leaders
Altcoins also reacted to the increase in the leading cryptocurrency exchange rate, and the cryptocurrency market is again full of optimism. At the moment, all the coins among the top 50 in the case of capitalization (except for Chainlink) increase, and the upward trend seems to be gaining momentum.
Ethereum (ETH) gained almost 3.6% since yesterday and reached USD 234 today, which is the highest level this month. Another barrier is at 245 USD (4-hour SMA100), then psychological at 250 USD.
Among the altcoins with high capitalization, however, Tezos (XTZ) has been growing the fastest in the last 24 hours, increasing its value by more than 9% and beating the important level of USD 3.00, aiming to test this year's maxima. Currently, the XTZ rate is 3.13 USD.
Binance Coin (BNB) and Bitcoin Cash (BCH) also recorded high growths, the first by 5.8% and the second by 5.2%.
Chainlink (LINK) is one of the leading altcoins today that is down, but the decrease is small, just below 1%. It is also worth noting that in recent days the coin recorded record increases, reaching yesterday its ATH at the level of USD 4.95 and it is possible that in the following days it will finally try to test USD 5.00.