Key support levels are holding up the Crypto market pushing the block chain coins above the $230 Billion and $225 billion key support levels. Despite the crypto coins’ relative strength, the bitcoin struggled to go above the $8000 mark again. Altcoins with slow advance as prices consolidating.
Key Support Levels are Holding the Crypto Market Strong
The crypto market has encountered struggles with the corrections encountered by the Bitcoin. The bitcoin lost $1000 over the weekend but is currently being supported above the $7000 mark. This relative strong support for the Bitcoin is providing the necessary strength for the entire Crypto market.
The market cap moved above key support levels above the $225 billion and $230 billion mark. In addition to strong key support levels, there is also a bullish line emerging. As long as the market cap remains above the $222 Billion level, the positive trend should continue and could even move above the $245 Billion mark.
Bitcoin Struggling to Reach $8000
The bitcoin continues to be supported above $7000 mark but remains challenged to move above the $8000 mark. The New York Post recently published an article talking about the Bitcoin falling all the way down to zero.
On the other hand, some analysts predict that a parabolic rally may be coming very soon with the key supports levels serving as the bottom of the parabola. Others are citing that candle movement is similar to the massive rally back in 2013. General consensus among the believers of crypto market is that the crypto winter is finally over and after consolidation, we could see the Bitcoin reach for new highs.
Altcoins Recovering from Recent Losses
Bitcoin Cash has rebounded nicely in the past day’s trading pushing toward the $400 resistance point. The Litecoin also showed some gains as it moved above the $90 resistance level. It could test the $95 resistance point before it falls back to resistance of $85 mark. Both the Tron and Cardano are holding steady at $0.0270 and $0.084 mark respectively.