Crypto Market Cap increases while Bitcoin gains momentum and breaks Resistance areas

Steven Zenios02/08/20192min
After facing a correction for a short period, the total crypto market cap is once again gaining momentum above $285.0B and is showing promising signs to keep going.

Bitcoin has shown positive signs also when it recently broke through its resistance area of $10,200. For things to look even better for BTC, a push through the $11,100 mark is needed to revive the short term bullish outlook.

Bitcoin and Altcoins’ response to bulls and bears

The way things look at the moment is unclear due to the bulls and bears that have been in a fierce battle over the past week. Buyers are attempting to push Bitcoin to higher price ranges, while sellers have pulled it back to the $10K region.

At this point in time, Bitcoin is trading at the current price of $10,540 which is higher than its low $9,900 trading region yesterday. The Bitcoin attitude – the trading range and lack of momentum in any direction – has made experts and analysts make all sorts of predictions, some believing it will reach highs of $13,800 and others convinced it will go back down to $9,000.

What is important to recognise at this time is that Bitcoin is holding its course and that Bitcoin and some major Altcoins have improved significantly over the last year and the way BTC responds to the trading range now will most likely signal what the near-term trend will be.

On a more uplifting note, positive movements have been seen by other leading coins such as Litecoin, BCH and Ripple that have all surpassed their resistance points once again. Even though these and other Altcoins are currently trading with a bullish angle, there is great potential for them to increase in value in the immediate future.

Steven Zenios

Steven Zenios is a young author and designer with strong passion. A specialist in web design and development, blogger, author and Blockchain entrepreneur. He is the CEO of Web Theoria, a digital agency based in Cyprus. In the last 10 years, he has vastly improved his knowledge and skills to produce great pieces of work, both in the web design industry and article/blog industry. Contact Steven at +357-22029786 ext: 6120 or by email at [email protected] for editorial related questions.

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