Bitcoin (BTC) Struggles To Reach $10,500 Position, Altcoins Take Lead ⋆ ZyCrypto
Although Bitcoin began rising again after a slight dip mid-week, prices seem to have stalled around the $10,300 position. This was expected around this position as the bulls faced some resistance.
Fortunately, the critical $10K support position has still held up and Bitcoin continues to look bullish trading above this. Altcoins, on the other hand, have shown to be more aggressive than Bitcoin. In the last 24 hours, some altcoins have recorded high gains. Tron, for example, has rallied by more than 4% in the last 24 hours.
Altcoins Set A Bullish Trend
In the top 20, two coins are making the headlines. Ethereum classic is the highest gainer from the last 24 hours, soaring by around 8%. Closely following it is IOTA which has soared by more than 6% at the time of press.
Most top 10 altcoins are struggling with Bitcoin. Ethereum and XRP are only up by a little over 2% at the time of press and both are struggling to turn strongly bullish and break above key resistance positions.
Going into the weekend, this could change as the weekends have seen cryptocurrencies rally either at the very beginning or very end. With altcoins showing potential, they could well help push Bitcoin to rally once the top altcoins begin rallying higher.
Once Bitcoin breaks the $10,400 resistance, the next key target will be around $10,700 that has kept Bitcoin from hitting $11K. A bearish scenario remains feasible with fundamentals still weak. Bitcoin dominance remains under 69% and daily trading is under $20 billion.
A bearish scenario is expected to see prices fall to the $10K position but bulls are betting that the asset will find support above this. This means that we should expect some sideways action through the weekend while fundamentals turn more bullish.
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