The decline of the cryptocurrency market that occurred over the weekend was absorbed by a Monday rise from all of the top 10 coins. Bitcoin SV (BSV) has shown the biggest growth over the past day, having risen by 4.59%.
The fast rise of altcoins has affected the dominance rate of the main crypto, which has dropped slightly and is now at 63.2%.
The relevant data for Bitcoin is below.
Market Cap: $169,268,004,298
Volume (24h): $14,946,026,484
Change (24h): 1.36%
The data is relevant at press time.
BTC/USD: How long will the ongoing bounce last?
Last weekend, the activity of market participants remained low. On Saturday, buyers again tried to overcome the two-hour EMA55, but the growth was not supported by volume, and on Sunday the price of Bitcoin (BTC) returned to its previous level. Slow sliding to the weekly low point led it to $8,900.
By the beginning of this week, the pair has recovered to the average price range and today the flat movement will continue within the lateral corridor, the borders of which were slightly expanded over the past weekend.
An important goal for bulls is to break through the resistance of $9,300, which would open growth prospects to the area of $9,800. However, if buyers do not support the growth, then this week BTC may return to the downward orange corridor to support at $8,600.
On the 4H chart, Bitcoin (BTC) has held above $9,000. The trading volume is still low. However, the liquidity is high at current levels. What is more, the lines of the MACD indicator have switched to bullish, which means that the first resistance in the bulls' way is $9,300, which they may hit shortly.
On the daily time frame, the scenario is more bearish than bullish, even though sideways trading has continued for a second month. Highs are getting lower and lower, which confirms the absence of buyer resistance. If bulls cannot take it to $9,500 and hold above that mark, traders can expect another drop below $9,000, to the $8,700 mark.
Bitcoin is trading at $9,206 at press time.