Bitcoin bull trend approaches 10K as altcoin season is a reality

The last 24 hours have seen the crypto sphere surge strongly on almost all cryptocurrencies and tokens. Bitcoin (+5.89%) is approaching the psychological 10K level again, as its altcoins BCH (+16.7%) and BSV (+14.75%) soar, leading the way up. Also noticeable it Ethereum (+10.65%) jumping over the $200 barrier. But almost all top cryptos move actively.

The Ethereum tokens also move bullishly, with BAT (+7.09%), OMG(+6.66$), HT(+6.1%), ZB(+5.67%), CRO(+4.3%) and LINK (+3.1%) being the best performers of the top capitalized.

The bullishness of the last 24 hours is evident by the 11.62 percent growth in the market capitalization of the crypto sector, which currently is $288.2 billion and is approaching the $300 billion level. The volume traded in the last 24 hours was $56.577 billion, a 41 percent increase. This movement has placed Bitcoin dominance to 65 percent.

Hot News

The spread of the coronavirus has led to the cancellation or delays of several major crypto events across the planet. Asia is one of the most affected, among which are Hong Kong's Blockchain week 2020, Token 2049, and Binance Blockchain Week Vietnam, which are very well known events with lots of industry leaders participating.

The German Financial Supervisory Authority - BaFin- has released a guide for the new cryptocurrency custody law, This new law will apply to firms outside the German territory but serving German citizens. Under this law, the firms already serving the German market won't be penalized for not having a license, with was effective on Jan 1, but these firms must announce their intent to apply for a license before March 31. Crypto custodian companies not currently serving the German market must apply for a license before starting their operations in the German market.

Technical Analysis: Bitcoin

Bitcoin has had a big day, and its price has made a new high, moving above the previous one at $9,550. Currently, the price is making a consolidation movement, after touching twice the +3SD Bollinger line, which is indicative of the overbought condition.

From the chart, we can see that the price action takes place in an upward channel. The current move shows that BTC still has room for more upsides before hitting the resistance line of the upper channel. The MACD is also in its initial stage of the bullish phase. Therefore, we estimate that Bitcoin will continue up and soon to challenge the 10K psychological level.

Ripple

Ripple made a sideways action that brought its price to the +1SD line, as we estimated yesterday. Now it is starting to move upwards and is currently trying to overcome the $0.283 level. The price continues moving following the +1SD Bollinger line, and the Bands and averages point upwards. Therefore, the uptrend is evident, and the targets of 0.29 and $0.3 are in hand.

Ethereum

Ethereum had a very strong movement yesterday that brought the price from $190 up to $212, piercing the upper trendline of its ascending channel. That shows a solid increase in its bullish momentum. We see also that the price action took place close to the +3SD Bollinger line (amber), and that has also created an overextension of the price. Thus, although it is evident the bullish trend of the Ether, we consider it will experience a consolidation phase for some hours, that move the action closer to the +1SD line.

Litecoin

Litecoin has finally broken the triangular formation to the upside and moved slightly above the previous top of $73. The price is making a short consolidation near $74. The MACD shows bullishness, and the price moves above the +1SD line, thus the upward movement is ready to resume.

---

Try Secure Leveraged Trading with EagleFX!