ForexMinute.com – As predicted in our article yesterday, Bitcoin crossed the 400-mark in the US markets amidst the strong bullish sentiment in the last 24 hours. The impact of this constant uptrend was also visible in the altcoin market, in which almost every top cryptocurrency surged magnificently within the same period.
During the 10/5 trading session, the lowest value of Bitcoin was recorded to be 296. Prior to hitting the bottom, a huge chunk of Bitcoin (around 30,000 units) was sold by a bearwhale, which ultimately led to a series of panic sell in the market. As a result, the coin’s overall market cap dropped around 10% within the span of a few days.
Though, the bottom price opened opportunities for traders to buy Bitcoin at a low. The bottom also brought new investors into the cryptocurrency sector that ultimately resulted into a smooth uptrend, which today crossed the 400-mark. Multiple exchanges reported improvements in orders, which subsequently made this week the most active trading week since February. Have a look at this chart to have a better understanding [Source: www.data.bitcoinity.org]
Assuming no bears to ruin the mood, we can expect the BTC/USD to stay on its bullish sentiment and test the next peak of 415 during the 10/14 trading hours. The technical indicators and moving averages on Investing.com also indicate moderate buying pressure. In case of bearish sentiments, the market might fall back to 395. Though, chances of that happening seem minuscule.
At press time, the BTC/USD is being fluctuation between 400 and 405, and has surged over 6.5% in the last 24 hours.
The Litecoin markets are not missing any opportunities to stay on the bullish side. The moving averages and technical indicators are displaying strong buying pressure, which might make LTC/USD to try the 4.5-4.7 level. In case of a bearish correction, the price might be in the support area, 3.5-3.7 area.
At press time, the pair is being traded at 4.14 and has climbed over 7% in the last 24 hours.
Other cryptocurrency reports at press time are: Dogecoin (bearish); Darkcoin (neutral); and Peercoin (bullish)
To contact the reporter of the story: Yashu Gola at email@example.com