Bitcoin (BTC) has moved upward to start the week, reclaiming its price point above the $8,000 mark. Major altcoins like Ripple (XRP) and Ethereum (ETH) have also moved positively alongside the cryptocurrency market leader.
Bitcoin (BTC) has reclaimed its position above the $8,000 mark with significant bounces posted on most major altcoins. It is looking like the leading cryptocurrency is potentially making a bullish divergence on the 12H chart.
Noted cryptocurrency analyst Crypto Michael (@CryptoMichNL) is making the case that positive correlation “looks great.” After touching a low of $7,800, Bitcoin seems to be showing some strength.
Good start of the week so far;
▫️ Bitcoin did sweep the lows and bouncing back up with potential bullish divergences (up to 12h). $BTC
Positive correlation looks great.
— Crypto Michaël (@CryptoMichNL) September 30, 2019
At the time of writing, most major altcoins are posting respectable gains. Ethereum (ETH), for example, is posting 2.54 percent gains against BTC at the time of writing. Ripple (XRP) has been performing even better, being up 7.40 percent against BTC at the time of writing. Both seem to be moving in parallel to Bitcoin.
There was some fear in the past week that Bitcoin would continue to break down — but this has not happened as expected. Granted, Bitcoin is still tittering on its support level of $8,000 and a breakdown again below this price point convincingly could spell more pain for traders and investors. However, there is room for positivity now that Bitcoin has managed to bounce back from its local low.
The cryptocurrency market’s recent activity has been choppy, at best, with the leading cryptocurrency posting double-digit losses just a day after the much-hyped Bakkt’s release. As BeInCrypto reported, JPMorgan Chase claimed last week that the drop was due to Bakkt futures being launched as well. This all comes at a time when reports have suggested that institutional markets may be ‘manipulating’ the price.
Regardless, if Bitcoin manages to stay afloat the $8,000 price point, there may be room for a bounce. Some are even suggesting that the local bottom was already hit and this may be another ‘accumulation zone’ before a succeeding leg up.
Do you expect Bitcoin to break further down or have we hit the local bottom yet? Let us know your thoughts in the comments below.
Images courtesy of Twitter, TradingView.