ForexMinute.com – After facing constant and shocking declines in recent days, the last 24 hours in the cryptocurrency market brought a certain stability to most of the top coins, mainly Bitcoin which, at one point, fell below the $300-mark amidst growing pessimism.
Yesterday, the onlookers realized that a huge chunk of Bitcoins – almost 30,000 units of it – has been sold for $300 on BitStamp, which caused a massive crash in the coin’s value. The crash was visible in other altcoin charts as well, which were mostly speculating on Bitcoin’s trendlines. Litecoin, Dogecoin, Darkcoin and every other top coin thus came into the vigorous storm originated inside the Bitcoin market.
Today, the storm is finally hinting to rest for a while. There have been notable improvements in almost every coin’s value, thanks to the psychological buying pressure created after the Bitcoin reached its six-month’s low. With pun intended, we must thank the seller who sold his investments the other day. Just saying!
The lower Bitcoin value brought a greater chance for people wishing to board the Bitcoin train. The reason why the price behavior is hinting a bull today is indeed the arrival of newbies. It further opens up the chances for traders, with a long-term intentions, to invest into the market. When we think there is a strong FUD circulated inside the market, the Bitcoin community seems to be having a blast.
Same for other coins, who have opened greater opportunities for people to enter the market. The ones who do not wish to invest much in the expensive Bitcoin can find themselves attached with any of the trustworthy cryptocurrency, like Litecoin or Dogecoin. The price, my friend, is poised to move up, whatever the bottom is.
The BTC/USD opened at 328 during the 10/5 trading session. The market looked very desperate to move up, as the small purchasing were constantly made at multiple Bitcoin exchanges. The BTC/USD therefore moved a little upward for some time, but was finally resisted at 336. However, the selling pressure resurfaced and the pair fell massively ahead of noon, and found the support level at 306. The notable fluctuations in later hours remained, indicating the tussle between buying and selling.
At press time, the BTC/USD has increased by 5% in the last 24 hours and is now being traded at 327. We can thus expect the market to remain bullish for the rest of the day. The pair might find resistance at around 350. In case the market turn bearish, the BTC/USD might fall back below 300.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org