The BTC Price Is Rebounding
On Monday, the cryptocurrency market has responded positively to its weekend meltdown and pushed higher during Asian trade. According to Coin Market Cap, the value of the entire market has raised to $312 billion.
The market was down to $283 billion this morning, which means an increase over 10% during 8 hours.
The leading digital currency Bitcoin is up over 7% to $8,200 per coin, with a market value of $139 billion.
This gain came despite there being no notable positive catalyst and even one analyst tipping BTC to fall significantly in the near future.
A technical analyst and head of futures and options at Market Securities Dubai Paul Day believes a “death cross” for cryptocurrencies is on the horizon.
A death cross is a technical analysis warning sign which refers to a situation whereby an asset price’s 50-day moving average drops below its 200-day moving average. Generally, when this happens traders will hit the sell button in a hurry.
Mr. Day says, that if the death cross happens, it can potentially lead to the BTC price falling down to $2,800. That will be a decline of almost 66% from the current price.
What Else Is Happening In The Crypto World Today?
It isn’t just bitcoin that is climbing. Other cryptocurrencies making a notable move higher today are Ripple (XRP), Cardano(ADA), and Stellar Lumens (XLM).
These altcoins are currently up a sizeable 10%, 12%, and 18%, respectively, over the last 24 hours.
They are up respectively 10%, 12%, and 18% over the last 24 hours.
Traders will now be crossing their fingers that the market can hold onto these gains during European and U.S. trade tonight.