Cryptocurrency Market Update: Bitcoin closes in on $9,000, IOTA and Ethereum Classic bulls unstoppable

Sounds of happiness and cheer fill the cryptocurrency space on Friday following an impressive turnaround from the drab start during the Asian session, to incredible upward movement in the European session. The majority of the major cryptocurrencies are in the green with gains between 1% and 20%. However, Dash is still languishing in selling activity; it is down 2.39% on a daily basis.

Bitcoin market update

Bitcoin is ending the week’s trading with a bullish bang after gains on Friday pushed closer to $9,000. The week’s trading has been eventful as Bitcoin broke various resistance zones towards $9,000. However, a pause at levels marginally above $8,900 earlier this week, resulted in a reversal under $8,600.

It appears that retracement was necessary for the creation of fresh demand. The bulls have also increased their dominance on the market. They could eventually push past $9,000 in the near term. For now, the price is up 2.2% on the day amid a strongly bullish trend and high volatility levels.

At the time of writing, Bitcoin is trading at $8,910 after adjusting from highs around $8,991. The support at $8,900 must hold as an anchor to movement heading to $9,000. For now, the price is above the moving averages whereby the 50 SMA and the 100 SMA are in line to offer support if and when needed.

BTC/USD 4-hour chart

IOTA market update

IOTA’s bullish action on Friday has been focused on breaking the resistance at $0.24 and $0.25. The bulls can now rest easy knowing that both of these hurdles have been conquered. However, the price is back to trading under $0.24. In spite of the adjustment, IOTA is still holding on to 9.42% of the gains accrued on the day.

Ethereum Classic

Ethereum Classic finally smashed above the resistance at $10, forming a high at $10.29. The technicals and fundamentals remain positive in addition to the strong bullish trend and high volatility. ETC/USD is trading 20% higher on the day , besides the price still has the potential to correct higher.