Cryptocurrency Markets adds $12 billion in 24 Hours, Making Investors Optimistic
Over the past 24 hours, the cryptocurrency market added $12 billion, as major cryptocurrencies including Bitcoin, Ethereum, Ripple and Bitcoin cash experienced a short- term corrective rally making the investor much confident.
A Little Push, But not Entirely Optimistic
The Bitcoin price rebounded from $6,300 to $6,700, breaking a descending trendline since May 3, when BTC achieved $10,000. While it is too early to conclude that BTC has entered into a mid-term rally given that it is still likely for BTC to fall below the $6,000 mark in the short-term, the cryptocurrency market has gained a breathing room from the recent major correction that began in early May.
On yesterday’s report, CCN noted that if BTC falls below the $6,300 mark, it could initiate another downward trend, potentially to the higher end of the $5,000 region. CCN also emphasized that if BTC rebounds to $6,600 in a period of 24 hours, there exists a possibility that BTC stops a potential move to the $5,000 region.
So far, BTC has been able to remain stable at $6,000 zone, with stable volume and moving averages demonstrating some momentum However, if BTC falls back to $6,400 region in upcoming days, it is expected to carry its downward trajectory.
After the incident Investors have become more optimistic and confident over cryptocurrency, they want to see bitcoin remain above the $7,000 mark.
As of now, based on the movement of BTC in the past 24 hours, it cannot be concluded that BTC restored its bullish sentiment and is ready to move to the upside. If BTC does sustain its momentum and volume in the next two to three days and remain above the $6,800 mark, a move towards $7,000 can be a possibility.
Source: CCN News