- Bitcoin is presently the strongest main asset throughout the crypto market, expressing stability – and even bullishness – as its value trades slightly below the $11,000 area
- Bulls have been build up BTC’s momentum all through the previous few days, which comes as altcoins flash indicators of weak point
- This signifies that the continuing uptrend could also be coming about as a results of a “flight to quality” as buyers flee smaller tokens
- One dealer is particularly pointing to a few essential elements for perception into the place the benchmark digital asset could pattern subsequent
Bitcoin has been climbing greater unbiased from the remainder of the crypto market. The immense energy seen amongst most main and minor altcoins is starting to fade, with this phase of the market posting intense losses all through the previous couple of days.
BTC’s capacity to surge as these different property all lose worth factors to demand for high quality and security, though it is unclear what is driving the exodus from altcoins.
There are a few elements that one analyst is pointing to that bode effectively for Bitcoin’s near-term outlook, and even counsel that it could see considerably additional upwards momentum within the near-term.
Bitcoin Rallies Towards $11,000 as Altcoins See Another Bloody Day of Trading
At the time of writing, Bitcoin is buying and selling up simply over 1% at its present value of $10,915. This marks a notable upsurge from latest lows of $10,650 set on the backside of yesterday’s dip.
The uptrend seen by BTC all through the previous few days is distinctive as a result of it has come about within the absence of any market-wide bullishness.
In truth, most main and small-cap altcoins have been witnessing intense turbulence as of late, which has opened the gates for a full reversal of the “altseason” seen all through the previous few months.
Analyst: These Factors Suggest BTC Will Push Even Higher
He stated that it has damaged above its cloud, flipped its earlier resistance into help, and is seeing an ongoing golden cross between its 21 and 89 day EMAs.
“Waking to bitcoin: – above the cloud – above previous resistance, now support – 21 and 89 ema golden crossing,” he defined.
Image Courtesy of Teddy. Chart by way of TradingView.
These three elements could proceed serving to to carry Bitcoin greater within the near-term. That being stated, it stays unclear as to whether or not or not altcoins might be in a position to mirror BTC’s momentum any time quickly.
Featured picture from Unsplash. Charts from TradingView.