The last few weeks were full of maelstrom for Bitcoin’s traders. The cryptocurrency reached an almost record number of highs and lows in a short period, wavering between $8,200 and $8,700.
According to experts, Bitcoin overcame three main resistance levels during the last weeks. It broke through the first major resistance level at $8,440.60, then the second major resistance level at $8,527.50. But after falling short of the third major resistance level at $8,694.70, Bitcoin went back to sub-$8,600 levels. It was up by 0.58% to $8,671.4 yesterday morning.
The cryptocurrency rallied for a short period last week, reaching $8,631.6. Investors hoped that it would continue to climb. Some were even positive that Bitcoin would hit a high record of $9,200, as they predicted at the beginning of 2020. But after it grew by 3.21% on Sunday, BTC fell again at 1.11%, ending the week lower by 0.89% to $8.621.5.
Analysts suggest that to form a near-term bullish trend, Bitcoin would need to break out of its $11,000 levels. So far, the nearly bearish trend is still intact. It developed in late June when the crypto reached $13,764.0.
Litecoin and Ripple’s XRP Drop After a Short Rally
While most cryptocurrencies gained during the last few days, some of them couldn’t maintain the growth rate at the end of the week, beginning a decline.
Bitcoin Cash SV lost 2.94%, and Monero’s XMR decreased by 2.81%. Litecoin also dropped by 2.54%, while Stellar’s Lumen fell to 2.84%. Ripple’s XRP lowered to 1.64% during the week, at last stopping at 0.48% low.
Until the downfall, Bitcoin Cash ABC gained 12.44% and Litecoin added 5.51%, with Ripple’s XPR also increasing by 5.51%.
Meanwhile, Bitcoin Cash SV rose by 4.80%, Stellar’s Lumen went up by 4.18%, EOS rallied to 4.43%, Ethereum grew by 4.59, and Tron’s TRX hiked by 4.32%.
- Trading Instrument