Following days of stagnant price actions, Bitcoin finally made a move and tested the $9,500 level where it got rejected. At the same time, most alternative coins are still in the green after yesterday’s impressive gains, hinting that an altcoin season may be in the making.
BTC Tests $9,500
As CryptoPotato reported previously, the primary cryptocurrency was trading in a tight range from $8,850 to $9,300 for weeks. It couldn’t manage to break the $9,300 level after several consecutive attempts.
However, merely hours ago, the bulls went on the offensive and pumped BTC’s price above it. Bitcoin went from its daily low of $9,220 (on Bitstamp) to the daily high of $9,480. From a technical standpoint, this meant that for the first time since January this year, a bullish convergence has appeared on the monthly MACD.
Should the largest cryptocurrency by market cap continue its upward price development, it has to conquer the $9,500 resistance, followed by $9,700.
Contrary, Bitcoin managed to turn the $9,300 resistance into support. If it can’t hold a plausible price dive, the asset can also rely on the psychological $9,000 line to serve as support.
Somewhat unsurprisingly, Bitcoin’s increase yesterday coincided with similar moves from the most prominent US stock market indexes. The Dow Jones and the S&P 500 were up by nearly 1%, while the Nasdaq continued to chart higher gains after reaching a new all-time high earlier this week.
The futures contracts of the indexes have remained relatively calm after the US stock market trading session closed, which could hint for a more uneventful trading day for BTC as well.
Altcoins Keep Moving Forward
July 8th was a day for impressive results in the altcoin market. Some assets marked double-digit increases, especially in the DeFi field.
Dogecoin (DOGE) was the most impressive performer following a surge of over 50% at one point.
Despite more modest results today, green continues to dominate. Ethereum is up to $247, and Ripple is testing $0.20 after. Litecoin, EOS, Bitcoin SV, increased by approximately two percent.
Chainlink (LINK), being integrated into China’s Blockchain Service Network launched over the weekend, is on the rise again and marked a fresh all-time high yesterday of $6.4.
Although Bitcoin increased in value in the past 24 hours, altcoins have depreciated its dominance over the market. The BTC dominance metric has dropped to about 63.2% – a level not seen since late February. Consequently, this has raised questions within the community if another altcoin season is imminent.
A prominent cryptocurrency content creator Nicholas Marten, the person behind the popular DataDash YouTube channel, pointed out that for the first time in over two years, “we’ve stepped above the line of resistance for altcoin market dominance.”
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Cryptocurrency charts by TradingView.