Bitcoin (BTC) Breaks $6,500 Resistance Level. Is $7,000 next?
The 2nd of July, 2018, might go down in history as the day Bitcoin (BTC) reversed from a bearish trend to one that might prove to kick in the bullish season of 2018. Looking at the last few hours in the crypto-markets, yields the observation that BTC has once again spiked from levels of $6,376 to above $6,678.
Earlier on in the day, Ethereum World News had expressed bullish sentiments with regards to Bitcoin. This was after the King of Crypto managed to accomplish two amazing feats over the weekend. The first one was BTC managing to gain 10% on Saturday and close the day at $6,400 levels. The second was Bitcoin maintaining these levels throughout the entire weekend. The new resistance levels for Bitcoin had been established as between $6,400 and $6,500 and the King of Crypto has just broken these levels in an instant.
Will Bitcoin break the $7,000 levels this week?
The general idea and feel is that if BTC were to rise above $7,000 this week, there would be the normal temporary retracement as the volume consolidates. As soon as that is complete, we could be seeing a Bitcoin that is aiming to get back to winning ways above $10,000.
What about the rest of the coins and tokens?
As is the usual case whenever Bitcoin (BTC) experiences favorable upward mobility, the rest of the crypto markets follow suit for Bitcoin is King. Love or hate Bitcoin, the coin currently enjoys 42% dominance in the total crypto market capitalization.
Looking at other top coins, we find that Ethereum (ETH) is also responding to the new BTC levels and is trading at $475 and up 5.94% in 24 hours. Ripple (XRP) looks like surpassing the 50 Cents level. It is currently trading at $0.49 and up 7% in the last 24 hours. Bitcoin Cash (BCH) looks to also be alive again at current levels of $798 and up 9.85% in the last 24 hours.
In conclusion, the current gains experienced by Bitcoin are a welcome relief to the entire crypto markets. The total crypto market capitalization has in-turn responded by gaining $38 Billion from levels earlier today of $238 Billion, to currently being valued at $270.6 Billion.
Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.