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October 31, 2020
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Guide & Analysis

Bitcoin: fifth consecutive day on the rise

Cryptocurrency market giving the go-ahead.

Today is the fifth consecutive rising day for Bitcoin. If this trend continues in the next two days, it would be the third consecutive week with a green light, a week with a positive balance, which has not been statistically recorded since late December and early January.

In particular, the day sees a prevalence of green signals with more than 80% in positive territory. The big ones see only a red light between them, that of the LEO token, which remains above the 1 dollar limit, but today it drops 1%.

Bitcoin: fifth consecutive day on the rise 15

Among the main names, the rise of Monero (XMR) stands out, which is close to 10% daily. Monero continues to consolidate the upward trend of the past few days, bringing him back to a respectable position, reaching 12th place in the ranking of the most capitalized.

The day’s increases continue to give a good signal to Bitcoin which today has continued to increase its value, with an increase of almost 4%.

Yesterday afternoon the market saw sharp increases in a time span that marked double-digit increases for all 10 major cryptocurrencies.

Bitcoin led the rise. An increase that for most cryptocurrencies, such as Bitcoin, which always sets the pace, updates the highs of the past three weeks, exceeding the $ 6,800 resistance limit, formalizing the start of a new cycle configured during these hours, which will have to be confirmed over the weekend.

Trading volumes are dropping to around $ 90 billion. Bitcoin returned to oscillate around the volumes with a value of 1 billion dollars, this continues to highlight how the moment is attenuated and shows signs of movement not only of prices, but also of trading volume.

A trend with such a long period of relevance, exceeding 20 days, has not been registered since 2017, with intensity equal to 1-1.5 billion, although in 2017 Bitcoin has twice the current levels. Therefore, they are important signs that can be a reference for the coming weeks, in particular.

Total capitalization benefits from this additional increase, reaching more than 190 billion and approaching the 200 billion limit abandoned in mid-March. Bitcoin maintains over 65% dominance.

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Bitcoin (BTC) on the rise

With the breach of the $ 6,800 barrier yesterday, Bitcoin saw strong downward coverage of positions taking off and prices rising to more than $ 7,200 before dropping to $ 6,800.

Today, prices are moving in the range of $ 6,800 and $ 6,900. In the short term, the $ 6,800 is a support base that, if confirmed, could give a boost to the weekend that would delay the strong movement experienced between March 12 and 13, which recorded one of the most violent declines in a short time, with a collapse of about 50% in 48 hours.

A $ 7,800 recovery in the next few hours or days would really send a signal that would restore Bitcoin’s confidence, which at this time remains at its lowest level ever.

A negative sign would come with a fall below $ 6,000 to 5,800, impacting the medium-term upward trend that started from the low of March 16.

Source: cryptonomist

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