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Bitcoin Hesitantly Moves Upwards, Altcoins Follow
As the 24/7 crypto market moved from Friday to Saturday, traders were able to breathe a sigh of relief, while Bitcoin made a hesitant move towards the # 39; tall, without bears in sight. At the time of the press, Bitcoin is trading within the low $ 6,700, apparently in the range range between $ 6,700 and the heavily contested resistance of $ 6,800, which technicians consider a key level for this resource.
While Bitcoin volatility may be bearish, traders have continued to back up assets with a substantial volume of around $ 4 billion a day, which shows that c & # 39; it is still interest in this budding field. BTC is likely to encounter resistance at $ 6,800, and will need a daily close above that level to indicate a potential breakout.
Altcoins followed Bitcoin & # 39; big daddy & # 39; in this period of positive price action, with coins like ETH, XRP, EOS, BNB and more gains almost identical to the most important crypto resource. But as reported by Ethereum World News, there have been some assets that have positioned themselves above the rest, including eight altcoins in the top 100 that have seen double-digit gains today, adding further credibility to the fact that the market could finally suffer ; inversion.
But while the clocks could be hot now, the outlook may start to appear depressing for these assets, given that active trading in the altcoin markets has almost completely disappeared.
Crypto Market registers weekly earnings for the first time In Weeks
The cryptocurrency sector has had a hellish week, with the denial of the SEC and the revision of nine different encrypted ETF proposals in 24 hours. In addition, the Chinese government came into force, adopting multiple measures to curb the spread of cryptocurrencies within a few days. Such measures include the encryption of news on WeChat, the restrictions of Alipay on Bitcoin OTC accounts and China's move to block 124 exchanges of foreign cryptocurrencies via its intranet firewall.
On the other hand, however, this week had its fair share of positive news, including widespread sentimentality towards many industry leaders, who see that Bitcoin is starting to fall.
The market has clearly reflected this mix of bullish and bearish sentiment, with Bitcoin recording gains and losses throughout the week as traders on the edge of their seats.
But for the first time in weeks, if not months, the collective market capitalization of all encrypted assets has only increased on a weekly basis. Some analysts have pointed out that "FUD" is starting to have less effect on the market, which could be an obvious sign that bears have finally bitten the dust.
While everyone is distracted by #Bitcoin ETF, there are many other things happening behind the scenes. Every day there are exciting developments in $ crypto that are not detected or transmitted around.
Do not distract yourself / concentrate on one thing.
– Emptybeerbottle (@Fullbeerbottle) 23 August 2018
In addition, as commentator for the cryptocurrency EmptyBeerBottle comments, "every day there are exciting developments in crypto that are not detected or transmitted around. (So) not distract yourself or concentrate on one thing. "
Photo of Bailey Mahon on Unsplash
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