Cryptocurrency market daily overview. Source: Coin360
Bitcoin started the day at $7,190, at which point the world’s largest crypto coin found an intra-day low of $6,900 before moving up again to its current trading price near $7,540. After a rollercoaster 24 hours, BTC is showing an impressive gain of more than 5% for the day.
Bitcoin daily price chart. Source: Coin360
Bitcoin’s next target could be $8,100
According to Cointelegraph contributor Horus Hughes, Bitcoin could jump to $7,800, and even up to $8,100, before the coin encounters any significant overhead resistance. Hughes pointed out that Bitcoin had to close above the former support turned resistance at $7,400, for Bitcoin to push its price closer to the $7,800 resistance.
Hughes added that it seems unlikely that Bitcoin price will drop to $5,000 area again, but that it’s always good to consider bullish and bearish scenarios. “One would like to think that a drop to $5,500 will be avoided if bulls can keep the price above $7,300 and $6,700,” he wrote.
Commodities trader and technician Peter Brandt previously revealed his belief that BTC could spend months trading at $5,500 before it recovers.
Meanwhile, Ether (ETH) continues to trade in sync with BTC. The top altcoin bounced off its daily low of $143 before moving up to its current trading price of around $154 per coin. Ether is showing a modest gain of around 3.3% at press time.
Cointelegraph contributor Rakesh Upadhyay said that if the bulls can propel Ether’s price above $151.83, the coin will pick up momentum and possibly see trading levels around the $173 price mark.
Ether 7-day price chart. Source: Coin360
XRP, the third-largest coin by market capitalization, is also following today’s trend and currently sits at $0.225 to show a gain of more than 2% for the day. But the coin is looking weak, with one trader going as far as predicting that the coin could hit zero by February 2020.
XRP 7-day price chart. Source: Coin360
Top 20 coins continue to trade in the green
The majority of top 20 coins continue to show signs of recovery, with Monero (XMR) taking the lead by going up more than 8% for the day. It is followed by Cardano (ADA) and Tron (TRX), showing gains of around 6.7% and 5% respectively.
Chainlink (LINK) is the only of the top 20 coins to see a loss today, down 2%.
The overall cryptocurrency market cap currently sits around $204.7 billion, with Bitcoin making up 66.6% of the total.
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