Bitcoin was struggling to get out of the resistance zone since few days and finally it managed to reach $66350 this week with a gain of 8%. It has broken the resistance line by crossing $64k where the selling pressure was big. The huge gain in Bitcoin price this week has stored trust into the investors
Bitcoin price has come down to $65600 as of now after hitting a highest of $66350. The price is still in green which shows that it is ready to pull another gain which can send Bitcoin above $70k. This sounds a bit difficult as Bitcoin may face heavy sell pressure at $70k because that is a the level where it often gets declined in the past.
If Bitcoin crosses $70k in the coming week which looks very possible and manages to stay above $70k then we can see a huge move in the altcoin prices. In this scenario altcoin holders gonna eat well as this bull market is going to be next level, i mean it will print big for the altcoin holders.
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On the other hand if Bitcoin price drops again below the previous resistance levels which seems bit difficult then Bitcoin will make new lows which can be worse for the altcoins. In this scenario altcoins will dump more making the market more unhealthy. But remember this has very low chances.
Now come to the discussion that why im saying that Bitcoin have less chances to drop to the previous resistance levels. There is not a single reason , we have three big reasons that why Bitcoin will not go down and will rise above $70k.
The first thing that is causing increase in Bitcoin price is the news of Chinese investors will be injecting huge liquidity into cryptocurrency and will say good bye to the equities. This news has pushed up Bitcoin and rest of the market restoring trust of investors into the cryptocurrency.
Secondly, Bitcoin is pumping because the bankrupt Mt. Gox crypto exchange has postponed returning of funds to its users to the next year. This has ensured investors less sell pressure as the exchange is expected to return $2.9 Billion in Bitcoins.
Last and third big thing that is pushing Bitcoin upward is the US presidential race. It is positively contributing towards the cryptocurrency as Donald trump is expected to win the presidential race which is considered good in the favour of cryptocurrency industry.
These are the three biggest factors which have pushed up Bitcoin price. As the whole atmosphere is in favour of crypto right now so we can expect some good moves into the crypto markets which will not be only limited to Bitcoin but will also favour altcoins.
When we talk about altcoins then its not mean to say some random coins, an altcoin is mean with a solid usecase. Only altcoins that have some good usecase and a strong community will print good gains. When buying an altcoin one should keep in mind that it has a solid usecase.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.
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