Bitcoin’s foray above $9K takes BNB along
After a brief foray under the $9000-mark, Bitcoin, the world’s largest cryptocurrency, has shot past this level, with BTC now prepping to consolidate under $9,500 before yet again attempting to cross the psychological resistance of $10,000. Its movement had a profound effect on much of the altcoin market, with many like Binance Coin noting gains as well.
Bitcoin, following a surge of over 4% in 24 hours, was priced at $9,193, at the time of writing, with the king coin possibly preparing to consolidate under $9,500 until it’s ready to climb again. In fact, the significance of this movement cannot be understated since this is the first time BTC has hiked so significantly in the last week, something that irked many who expected Bitcoin to climb to new heights immediately after the halving on the 11th.
That being said, it is yet unclear whether BTC will find the momentum and strength to cross its strong resistance at $9,797.
BTC’s market indicators highlighted the trend reversal as while the Parabolic SAR’s dotted markers were right under the price candles, the MACD charts showed the MACD line spiking dramatically following a bullish crossover, accompanied by increasing volume.
Despite such volatility in the market and the fact that Bitcoin has so far refused to align with popular predictions, traders and analysts are still hopeful, with one of them tweeting,
“Been seeing a lot of bearish tweets, but I think that this is the last 1-2 weeks that you’ll EVER be able to buy #BTC under 9K”
This sentiment is backed by the fact that 60% of all BTC on the blockchain hasn’t been moved in a year.
Binance Coin [BNB]
Binance Coin, the crypto native to one of the world’s biggest crypto-exchanges, Binance, doesn’t have a lot of independent developments to speak of. However, the CZ-led exchange itself is in the news every day, with the latest instance involving CEO CZ claiming that the exchange was coerced into supporting the Steem blockchain hardfork last week.
On the price front, on the back of Bitcoin climbing, BNB joined as well. However, its gains weren’t as acute as those registered by the king coin. While BNB climbed by almost 2% in 24 hours, it was still some way from its resistance, with it priced at $16.50, at the time of writing.
However, BNB’s market indicators failed to note much movement on their charts as while Bollinger Bands remained fairly uniform and suggested some level of volatility in the market, the Chaikin Money Flow was still dipping towards zero.
Dash, the privacy-centric cryptocurrency, has steadily lost its market share over the last 6 months or so, with the crypto now ranked a lowly 24th on CoinMarketCap’s rankings. Like Binance Coin, it too didn’t boast of any recent developments, with the last one being a few weeks ago wherein Dash Core Group announced its renewed efforts to enter the Japanese market again with a new proposal.
Unlike Binance Coin and Bitcoin, however, Dash failed to note any minor or major movement on the charts, with the crypto instead noting an insignificant fall to fall back into its pattern of steady sideways movement.
While the Awesome Oscillator noted barley any momentum in the market, the Relative Strength Index suggested a balance between the token being oversold and overbought.