- BTC prices have gone through a downward correction and have now bounced back above the USD 9000 threshold.
- Expert predicted market volatility and sell fear, but it appears that their predictions have been proven wrong.
- Besides Bitcoin, other Altcoins are also joining this bullish trend.
It appears that the crypto-market is experiencing a downside correction and is embracing a bullish trend, defying the predictions of several market analysts. As we recently covered, Mt. Gox, a crypto exchange desk recently made transfers of over 16,000 BTC and BCH each to unknown addresses. Experts predicted that this would create volatility in the market but somehow, there is no sell fear, and BTC prices even managed to gain a foothold near the USD 8600 mark.
Currently, we find the BTC/USD rate bounce back to the USD 9000 pivot level and is still rising. There seems to be a level of resistance withholding development beyond the USD 9300 to USD 9500 mark, as the prices are fluctuating in this range constantly. However, if Bitcoin prices manage to break this USD 9500 threshold, then it might consequently cross the ever so important USD 10000 barrier as well. The fact that BTC prices are still holding at the USD 9000 mark indicates a level of confidence in the market which just might be enough to take price to five digits.
In similar news, other cryptocurrencies, more specifically altcoins, are also showing a positive bullish attitude. For example, Ethereum at long last has found support near the USD 600 support. At the time of writing, ETH prices are lingering near the USD 670 mark. We are also observing something similar to Bitcoin Cash as well. BCH statistics are recovering and has found support at the USD 1400 mark. Ripple is also back on a positive track. It gradually moved from the USD 0.80 mark to find support at USD 0.82 and is currently facing somewhat resistance near USD 0.85.
Apart from all these major cryptocurrencies, many more small-cap altcoins have shown nearly 20% gains. It seems that almost the entire crypto-market has embraced a bullish attitude and cryptocurrencies are back on a positive track.