After a day of Trading, the Bitcoin was able to hold on to Weekend gains. This is a departure from the typical Monday where the market is in a sea of red. The strength of the Bitcoin has helped give strength to the market and push the altcoins up higher in start of the week trading.
Bitcoin Finds Strength
The weekend gains pushed the Bitcoin above the $9300 mark twice on Sunday. This marks a new high for the Bitcoin for the year.
After hitting the $9300 mark the Bitcoin pulled back to just below $9000. The Bitcoin eventually settle above $9200 for the day’s trading.
Resistance Still Far Ahead
After the Bitcoin held on to the Weekend gains, the Bitcoin has a fair way to go. The next resistance is still far away at $9600. Along the way there may be weaker resistance points but the momentum of the Bitcoin should still give a fair amount gains in the next few days.
Should the Bitcoin weaken, a strong support level is developing around $9100 and below that at $8800. Should the Bitcoin continue to fall through, the next strong support level is around $8450.
The Altcoins Also Kept Weekend Gains
The Crypto market enjoyed a strong Monday trading as the other coins found strength along with the Bitcoin. The market cap surged to $265 Billion and is targeting the $300 billion mark. The bitcoin led the way, but other coins soon followed.
The Ripple’s XRP, the third largest coin, found modest gains of 2% to move it to $0.429. Both the Cosmos and the Tezos were one of the most successful with 4% gains for today’s trading day.
Ethereum Fail to Hold on To Weekend Gains
The second largest coin, The Ethereum found strength in the Bitcoin surge as it found weekend gains that pushed it above $278 on Sunday. The rise was temporary as it settled back down below $270 for a loss of 2%. Overall, the outlook is still pretty positive for the Ethereum as trader expect more momentum this week.