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Bitcoin (BTC) has taken a bullish turn in the last 24 hours, since net gains are also found in a series of alternative cryptocurrencies (altcoin).
At the time of writing, the main cryptocurrency is trading at $ 6,700 on Bitfinex – up 4.6 percent on a 24-hour basis – having reached a maximum of 16 days of $ 6,745 before today.
BTC's recovery from a five-week low of $ 6.100 on Wednesday was probably fueled by investors' buoyancy. For example, XRP – the third largest cryptocurrency by market capitalization – has increased by 42% in the last 24 hours and 18% of total XRP trading volume comes from XRP / BTC pairs, according to CoinMarketCap.
Aurora (AOA) is up 57 percent on the day and is the best performing cryptocurrency on CoinMarketCap. More importantly, about 60 percent of the total volume of trade also comes from couples with BTC. Similarly, the 43% rise in MONA is likely to be fueled by the MONA / BTC and MONA / JPY pairs, data on the volume show.
It is worth noting that most of the alternative cryptocurrencies are traded against majors such as BTC and the ethereum ETH token. Thus, money tends to flow into altcoins via BTC, creating upward pressure on the major cryptocurrency.
As a result, BTC could achieve further gains if the altcoin rally continues to attract investors to the market.
In the standings, the convincing move above $ 6,600 (14 September high) is portraying a bullish picture, at least for the short term.
Daily chart
As seen in the chart above, BTC has exceeded the double-neck strength of $ 6,600 previously, confirming a bullish reversal.
The cryptocurrency could move to test the top margin of the pennant model, which is currently at $ 7,050, over the weekend.
A UTC close above that level would add credibility to the highest price levels set in the last three months and could lead to a July highs higher than $ 8,500.
view
- The $ 6.100 BTC recovery seen in the last 48 hours is probably associated with an increase in interest in altcoin.
- The double bottom break opened the doors for $ 7,050. A UTC close above that level would confirm a draw for the pennant and increase the prospect of a rally sustained at $ 8,500.
- On the downside, acceptance below $ 6,600 would neutralize the immediate bullish prospects. A UTC closure below the pennant support will probably put the bears in charge.
Revelation: The author does not hold cryptocurrency assets at the time of writing.
Bitcoin and USD image through Shutterstock; Charts for Trading View
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