Market Update: Bitcoin Stalls At $9,300 As Altcoins Continue To Decline

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Bitcoin after surpassing the $9,000 position, is meeting major resistance around $9,300. Earlier in the week, Bitcoin climbed to hit a high of $9,300 before meeting major resistance and pulling back to hold just a little above $9,100.

For much of the week, Bitcoin has traded around this position. Opening yesterday, Bitcoin began climbing from this point and retesting the $9,300 position again. Earlier in the day, this position showed once again to be resilient. Altcoins, on the other hand, are still struggling to turn green since they began losing in dominance last week.

Despite the stall by Bitcoin around the $9,300 position, many analysts remain optimistic. For many, volume remains the key indicator that the market is bullish. Nikolaos Panigirtzoglou from J.P Morgan has recently noted that there has been a sharp increase in trading volume, from $445 billion in April to $725 billion in May.

As Bitcoin approaches $10K, a dramatic rally could be triggered and we could see these volumes make a comeback and Bitcoin climb to new highs.

Bitcoin (BTC) Price Update And Prediction

At the time of press, Bitcoin has climbed by a little over 1% in the last 24 hours and is trading for $9,250. The asset looks like it is building up momentum to try and break the $9,300 position. Getting above this should see the asset easily climb to $9,500 before attempting to reach $9,700, $9,800 and $10,000.

For a majority of altcoins, they remain in the red. One notable loser is XRP which is still in the red despite agreeing a $50 million deal with MoneyGram a few days ago. As we have reported this same deal has seen MoneyGram soar immensely.

Libra’s Role In The Crypto Industry

It has been widely reported that Bitcoin’s current momentum has been prolonged by the launch of Facebook’s Libra. We have reported that Facebook has launched its own cryptocurrency which it says will be unveiled in 2020.

On top of creating the current hype around cryptocurrencies, majorly from mainstream media, it has been noted that Libra could act as a gateway to the adoption of cryptocurrencies. Libra is expected to impact billions of people and as they learn and use it, users could be pulled to test and use other cryptocurrencies.


Source: ZyCrypto