Cryptocurrency market update: Bitcoin extends rebound from $8000 area, TRON continues to outperform
Following Saturday's consolidation phase near the $8500 mark, Bitcoin gained traction on Sunday and started climbing higher toward the critical $9000 handle. As of writing, the BTC/USD pair was up 2% on a daily basis at $8723.
Despite the lack of fresh catalysts surrounding major cryptocurrencies, Bitcoin doesn't seem to be having a difficult time attracting buyers after forming a strong support area near $8000 where the 23.6% retracement of the May rally is located, last Thursday. The next target for the BTC aligns at $9100 (May 30 high) ahead of the critical psychological mark of $10000.
Among the major cryptocurrencies, TRON, which is currently the 10th biggest cryptocurrency with a market cap of $2.6 billion according to the latest available data on coinmarketcap.com, is trading at its highest level since July 2018 at $0.0401 while adding more than 7% on a daily basis as investors continue to price the "huge announcement" Justin Sun, CEO and Founder of TRON, is expected to deliver on Monday. Since testing the $0.3 mark on Thursday, the TRX/USD pair gained more than 25%.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
