Bitcoin Gold market overview: BTG/USD 15% ballistic rise helps keep crypto market in the green
- Bitcoin Gold is the market leader today after the price broke above the 50 SMA 1-hour.
- BTG/USD hits a snag at $18.00 as the reaction to a double-top pattern starts.
The crypto market is mainly in the green following the steady return of the bulls. Selected cryptocurrencies like Bitcoin Gold and Ripple are recording double-digit gains on Friday. Other cryptos in the top twenty are up 1.5% to 7% on the day.
Bitcoin Gold is the market leader today after the price broke above the 50 SMA 1-hour after bouncing off the trendline in the recent retracement. Earlier this week the entire market reacted in tandem carried by the surged in Bitcoin price. The market cap broke above $160 billion and extended the rise to the current $174 billion.
The current surge in Bitcoin Gold price has stepped above $18.00. However, the crypto is valued at $17.68 due to the formation of a double top pattern on the 1-hour chart. If the bulls fail to push BTG above this pattern and establish support beyond $18.00, reaction to the pattern is likely to the crypto back to the drawing board. But before that happens, subtle support is seen at $16.50, the 50 SMA 1-hour, the trendline, the 100 SMA 1-hour and the main support at $13.00.
BTG/USD 1-hour
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
