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There just seems to be no stopping Bitcoin at the moment. A day after many predicted further losses BTC has defied them all again to surge through resistance as it pushes towards $13,000. The move has also taken its market share to the highest level since December 2017.
Bitcoin Barrels Through Resistance Again
For the past week or so BTC has been largely consolidating and cooling off. With lower highs and lower lows being posted many expected a further drop down to $10k or below. Just yesterday many of the top followed traders on crypto twitter said that a bearish weekly close could spell further losses.
As testament to the volatility and nature of crypto markets, Bitcoin defied them all. The move has come in three stages over the past 24 hours, firstly a lift from the $11,500 level to $11,800 where it stayed for a few hours, then the big break through $12,000.
A few hours ago during early Asian trading Bitcoin surged again hitting an intraday and July high of $12,750. Daily volume has ramped up again from below $20k to over $25k as the BTC steam train gathers momentum. Trader and analyst Josh Rager was one of those who got it wrong yesterday.
“Fool me once, shame on you… Fool me twice, shame on me. No way was I shorting Bitcoin after a close under the resistance again. Not much stopping this train, just minor daily & weekly resistance left until new yearly highs,”
https://twitter.com/Josh_Rager/status/1148415754280349696
The next resistance level before another new high for the year is just below $13,000, very close to where BTC is currently trading at the time of writing.
BTC Dominance Over 66%
As we have witnessed countless times since this rally began in April, BTC is dominating and altcoins are barely moving. BTC market share is approaching 67 percent according to Tradingview.com. The epic 11 percent pump on the day has been responsible for the big move in total crypto market cap as the altcoins have been left in the digital dust as usual.
Over $25 billion has been added to crypto markets in the past day and $22 billion of that is Bitcoin alone. Analyst David Puell has commented on the total lack of altcoin action which has led to very little profit from diversification in 2019.
“At least in comparison with 2017, we haven’t had an alt season. Diversification has become a scarce play for crypto portfolio managers.”
$BTC: At least in comparison with 2017, we haven't had an alt season.
Diversification has become a scarce play for crypto portfolio managers. pic.twitter.com/AEo26O5lAy
— David Puell (@dpuellARK) July 8, 2019
There is literally nothing to see on altcoin markets today as most of the majors struggle to gain 2 percent. Some such as EOS, Tron, Stellar, Cardano, Monero and LEO are even falling back as bitcoin continues to devour them.
Image from Shutterstock
