Market Watch: New ATH For BTC, Bitcoin Cash Records 10-Month High

Bitcoin’s weekend ended with high volatility again with a new all-time high of $24,300 and a subsequent violent rejection to $23,100. Most alternative coins have stalled in the past 24 hours, except Bitcoin Cash – it has skyrocketed by 15% to its highest level since February.

Bitcoin’s New ATH And Sharp Dump

The past several days have been wildly bullish for the primary cryptocurrency. After finally breaking above the coveted $20,000 price tag, BTC continued forwards and charted a few consecutive all-time highs during the week.

Bitcoin entered the weekend in consolidation mode, but it didn’t last long. As reported yesterday, BTC dropped by nearly $1,000 in hours.

However, the bulls intercepted the move and didn’t allow any further declines. Just the opposite, bitcoin recovered the losses rather quickly and aimed higher again. This resulted in a new all-time high painted just a few hours ago of $24,300 (on Bitstamp).

As it happened with the previous records, though, BTC was rejected and dumped by over $1,000 to a low of $23,100. Nevertheless, the asset bounced off and has neared $24,000 again.

The technical indicators suggest that the first resistance lines lie at $24,200, $24,500, and $25,000. On the other hand, the support levels are situated at $23,000, $22,250, and $21,400.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Chilling Altcoins, Exploding BCH

Most altcoins mimicked BTC’s latest price developments. Ethereum dropped from $660 to $620 in minutes before bouncing off to $640. Ripple went from $0.585 to $0.535 and now sits at $0.555.

On a 24-hour scale, both are slightly in the red. Chainlink (-2%), Polkadot (-2%), Cardano (-0.6%), and Litecoin (-5%) have also lost value.

Binance Coin has increased by 3% and has neared $35. However, Bitcoin Cash has trumped all top 10 coins with an impressive 15% surge. As a result, BCH jumped to $375 a few hours back. This was BCH’s highest price tag since February 2020.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Dash (7%), Ethereum Classic (6%), Bitcoin SV (6%), EOS (5%), and Siacoin (5%). In contrast, SushiSwap (-5%), Aave (-5%), Horizen (-5%), and Celo (-4.5%) have lost the most in a day.

* Originally published here

Leave a Reply

Your email address will not be published. Required fields are marked *