After Elon Musk’s little adventure on Twitter yesterday, the bitcoin (BTC) price has risen nicely since yesterday afternoon. The symmetrical triangle in which bitcoin has been trading for a long time held, but we see the trading volume decrease again. With the altcoins we see the prices rise even faster, but who is the fastest riser?
Bitcoin (BTC) creeps to the top of the triangle again
Bitcoin has been trading in a symmetrical triangle pattern since May 20, a pattern that results from the equilibrium that develops between buyers and sellers. Ultimately, the price will choose direction, while it remains to be seen which chance this will be. On June 3, we saw bitcoin make a good attempt to break out on the upside.
Fear, uncertainty, and doubt (FUD) from Elon Musk’s tweets likely contributed to the outbreak turning into a fakeout. The price fell by 9%, but the rising trendline of the aforementioned pattern was maintained. From there, the bulls were able to push the price back up, with bitcoin breaking through the 50-Moving Average (MA) on the 4-hour chart and hitting the resistance line again.
In a breakout upwards, it is important that the volume also increases. At $40,000 is the next resistance zone and then at $42,000 the next major obstacle. At the time of writing, the price of bitcoin is $37,830 on crypto exchange Coinbase.
Binance coin (BNB) rises more than 10%
Within the top 10 cryptocurrencies we see that it is again the altcoins that can rise the fastest. Ethereum (ETH) is 6.7% in the green while cardano (ADA) has gained 5.4% over the past 24 hours. The fastest riser at the moment is Binance coin (BNB). The altcoin has climbed to the third spot after rising 11.2% and is now worth $423.44.
As a result, the entire crypto market has risen in value by 4.5% over the past 24 hours to $1.7 trillion. The fact that the altcoins are doing well can be seen from the bitcoin dominance. It has fallen by 0.64% and is approaching 40% again. The fastest riser on the market is theta fuel (TFUEL). The number 47 of the market is 28.2% in the green.