The intensity of this uptrend was particularly noticeable among altcoins – many of which climbed 5% or more.
However, for altcoins to see a new upward momentum, it may be imperative that Bitcoin closes its daily candle above $ 6,950, as a sustained return below this level in the next few hours could be serious for the cryptography market.
Bitcoin pushes for air resistance as bulls wake up
Prior to today’s recovery, Bitcoin bulls and bears had long been at an impasse, which led the cryptocurrency to trade sideways in the region above $ 6,000 for an extended period of time.
This consolidation, however, ultimately allowed the bulls to take over the bears, then propelling crypto by almost 5% at its current price of $ 7,020.
Although the break above $ 7,000 has undoubtedly been a positive development for bulls, the BTC is not yet out of the woods as it is still trading below its key resistance at around $ 7380 – a level that the bulls have not yet tested during this current uptrend. .
Josh Rager, a crypto analyst on Twitter, offered his analysis of the current price action of Bticoin in a recent post, highlighting this key resistance as an important level to close above in the hours and days to come.
“BTC: $ 6,600 is the medium to watch and has closed the 4 hours since April 1. $ 7,383 is still the level to close above before a high of $ 7,000 and if the BTC can close these 4 hours above $ 7,000, could see another move up to $ 7,400. However, I’m neutral at the moment, it looks more varied, “he noted.
Closing BTC Today Could Have A Big Impact On The Crypto Market
Another popular crypto analyst noted in a recent tweet that he believes that Bitcoin closing its daily candle above $ 6,950 is essential for altcoins to see new momentum going up.
“Waiting patiently for a daily close above $ 6,950 to start wanting BTC and ALT / USD again. “
Bitcoin is currently trading just a hair above this level, and whether or not the bulls are capable of passing $ 7,000 in support resistance will be instrumental in determining the long-term sustainability of this movement.
Featured image from Unsplash.