It has been a fruitful Friday as soon as once more as Bitcoin reaches a brand new 400 day excessive of $9,800. The transfer has lifted whole crypto market capitalization to its highest degree since July 2018 because it touched $300 billion briefly.
No Indicators of Stopping
Many had predicted that bitcoin would falter on the wall of resistance across the $9.6k degree. As in earlier actions, it ignored all correction calls and pushed even larger topping out at $9.8k a couple of hours in the past in keeping with Tradingview.com.
BTC has held on to features throughout Asian buying and selling this morning and is presently priced at 00. Each day quantity is again to $20 billion and market dominance has reached 58% for the king of the cash. The requires $10ok are intensifying and resistance zones above which can be already being mapped out.
BITCOIN FOMO IMMINENT
On the time of writing BTC is barely a whisker away from ranges of mass FOMO which might drive it to new all-time highs earlier than the yr is out. Fundstrat’s Tom Lee is in settlement.
“In most markets, a ‘new high’ is required to substantiate a breakout. However with #bitcoin, when it trades at a worth seen solely 3% of its historical past, this has confirmed a brand new excessive imminent. This makes crypto completely different.
This ‘3%’ is $10,000.
FOMO = $10,000
At the moment $250 away from FOMO”
In most markets, a ‘new high’ is required to substantiate a breakout
However with #bitcoin, when it trades at a worth seen solely 3% of its historical past, this has confirmed a brand new excessive imminent. This makes crypto completely different.
This ‘3%’ is $10,000.
FOMO = $10,000
At the moment $250 away from FOMO
— Thomas Lee (@fundstrat) June 21, 2019
Because the hole to ATH nears 50%, bitcoin has proven unbelievable resilience in its comeback from the depths of crypto winter simply six months in the past. Again then the predictions of capitulations right down to $2k have been coming thick and quick. Immediately it’s a completely different story with chart gurus eyeing subsequent ranges of resistance deep into five-figure territory.
Crypto dealer and analyst Josh Rager has famous that the previous couple of occasions BTC went into a few days of consolidation, the uptrend continued. He too is eyeing a transfer to $10ok however provides that this degree kinds a psychological barrier the place revenue taking is prone to happen.
About to move to mattress however consolidation like this has led to continuation within the uptrend
At this time limit, wish to see worth proceed to maneuver as much as $10,000
From there, I begin to get cautious with revenue taking and psychology resistance
Have an incredible evening/day! pic.twitter.com/wthvUoVwSV
— Josh Rager (@Josh_Rager) June 21, 2019
CRYPTO MARKETS HIT $300 BILLION
The transfer by BTC has led crypto markets to a brand new 2019 excessive of a shade underneath $300 billion as we speak. A slight retrace has dropped issues again within the excessive $290b area however features are holding. Different crypto property getting a lift from their large brother embody Ethereum including 4% to $280, Binance Coin climbing 6%, and Monero up an analogous quantity.
The remainder of the altcoins are nonetheless static although, a lot of that are nonetheless within the depths of their very own crypto winter as altseason has but to start.
Will bitcoin hit $10ok as we speak or retreat at resistance? Add your ideas beneath.
Photos courtesy of Twitter @Josh_Rager, @Fundstrat, Shutterstock
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