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


  • Bitcoin price is fundamentally ready to push above $9,000.
  • Ethereum Classic incredible breakout smashes above the $10 stubborn resistance.

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.

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

More Bitcoin News

Maker Price Analysis: MKR whales could be getting ready to dump again at $470

Maker has been one of the most affected coins after the last crypto crash, losing around 50% of its value in practically one month. MKR is currently ranked 37th with a market capitalization of $500 million.

More Cryptocurrencies News

Kyber Network Price Prediction: KNC could be on the verge of a 50% correction

Kyber Network was trading as high as $2.04 on August 14 but plummeted to $1.04 just 22 days later, a 48% loss that clearly shows bears are in full control in the short and mid-terms.

More Cryptocurrencies News

Aave Price Analysis: LEND bulls will have to fight for $0.65 to regain control

Aave's LEND is the 29th-largest digital asset with the current market capitalization of $751 million and an average daily trading volume of $167 million. The token is most actively traded on Binance. 

More Crypto News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast

BTC

ETH

XRP