• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Crypto Market on the Cusp of Massive Rally, This Indicator Shows

Cole Petersen by Cole Petersen
1 year ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Crypto Altcoins Bitcoin
Advertisement
Listen to Article

Bitcoin’s strong bounce at its key near-term support level at $7,700 has provided relief to the aggregated crypto market from yesterday’s immense selling pressure, allowing multiple major altcoins to push up against or break above their key near-term resistance levels.

In the near-term, it does appear that many altcoins could be poised to start rallying, with the ideal market conditions stemming from Bitcoin finding firm footing within the $8,000 region.

Bitcoin Leads Crypto Markets Up as Sellers Grow Weary

Bitcoin has been caught within a firm and unwavering uptrend since early-January, which was around the time it bounced at $6,800 and begin the upswing that would ultimately lead it as high as $8,400.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Although the resistance the crypto found at $8,400 was enough to stop the cryptocurrency’s uptrend, bulls were able to defend its key near-term support at $7,700, which has allowed it to once again climb back into the $8,000 region.

If BTC is able to establish a solid footing around this price level, it is highly probable that the aggregated crypto markets will begin to establish some momentum of their own, as most major altcoins have been underperforming Bitcoin over the past couple of weeks.

Today, Bitcoin Cash (BCH) and BitcoinSV (BSV) – two prominent and controversial BTC hard forks – have both incurred significant momentum, with BCH surging over 10% while BSV was able to post a massive 30% surge.

Other altcoins have been able to post slightly more tempered gains today, with Litecoin climbing 7% while EOS jumped 5%.

This Analysts Thinks Altcoins May Soon Rally as They Begin Breaching Key Resistance Levels

The rallies incurred by many of the aforementioned cryptocurrencies has led some of them to break above key multi-month resistance levels.

Scott Melker – a prominent crypto analyst and trader who goes by the pseudonym “The Wolf of All Streets” – explained in a tweet from yesterday that a rally amongst major cryptos would require BTC to break upwards.

“Large Cap USD Pairs: Many large-cap coins are hitting key resistance on their USD pairs. $BTC, $ETH, and $LTC are all shown here. Considering they are generally underperforming on $BTC pairs, it would take a major Bitcoin move up to break out here. Not particularly encouraging,” he noted.

Large Cap USD Pairs

Many large-cap coins are hitting key resistance on their USD pairs. $BTC, $ETH, and $LTC are all shown here. Considering they are generally underperforming on $BTC pairs, it would take a major Bitcoin move up to break out here. Not particularly encouraging. pic.twitter.com/Ogh0eMj4pU

— The Wolf Of All Streets (@scottmelker) January 9, 2020

Although at the time Melker did not believe a BTC upswing was likely, the fact that it has since reclaimed its position within the $8,000 region may mean that the long awaited “altseason” is close to kicking off.

Featured image from Shutterstock.
Tags: altcoinsbitcoincrypto
TweetShare19
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Saylor: Institutional Interest in Bitcoin is Bigger Than You Think

Saylor: Institutional Interest in Bitcoin is Bigger Than You Think

35 mins ago
3 Things Bitcoin Traders Should Watch in FOMC’s First Meeting of 2021

3 Things Bitcoin Traders Should Watch in FOMC’s First Meeting of 2021

2 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Trouble for Bitcoin as 3 On-Chain Indicators Point to Potential Sell-Offs

1 day ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Severe Liquidity Shock Ahead for Bitcoin Market, Warns JPMorgan

1 day ago
regulations

Crypto Exchanges: Slow Shift to Classic Financial Industry Regulations?

1 day ago
defi

11 DeFi Projects Rumored to Be Airdropping Tokens

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Helio Lending Pivots into Becoming a CeFi Aggregator

January 27, 2021

Coinbase Custody to Support Dvision Network (DVI)

January 26, 2021

A New Year – New Opportunities in Crypto

January 26, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.