Bitcoin Price Consolidates Back Over $12000, Markets Bullish
The long-awaited Bitcoin price correction has failed to materialize yet again as the king of crypto has held on to gains over the weekend. Consolidation around $12000 appears to be forming and the uptrend is still clearly very strong.
Bitcoin Price Back Above $12000
Over the past 24 hours BTC has been slowly grinding higher adding almost 5% on the day. From around $11,500 yesterday Bitcoin price has ticked up over the $12000 barrier to settle at around 00 during the Sunday morning Asian trading session. Daily volume is back down to ~$28 billion and the next high will be critical in determining the next direction for BTC.
BTC price on hour candles – Tradingview.com
Bitcoin price is still down 12% from its peak last week but the big thirty percent correction has been nowhere in sight. Many are now wondering if that was it and a 25% flash crash was all that markets could muster. If this was the case, then the digital asset is still extremely bullish and the next leg up could take it to new highs.
Looking at the weekly chart there is very little resistance from its recent high of $13,800 all the way up to $17000. Even mainstream media has turned bullish on Bitcoin with both Bloomberg and Forbes publishing pro-crypto articles recently. The latter claimed that Bitcoin has been designed for systemic stability, not price stability.
“Bitcoin, by contrast, is a system that prioritizes security over price stability. Bitcoin’s systemic stability stems from the security of its network. This week, as bitcoin’s price volatility was capturing headlines, I was watching core bitcoiners get excited about something else entirely—the network’s hash power hit an all-time high, and its “difficulty” also adjusted to an all-time high.”
Altcoins Remain Lethargic
Very few altcoins can match the performance of Bitcoin price at the moment. BTC market dominance is still at an 18-month high of over 62% even after a 12 percent slide.
Only one altcoin is making any momentum this Sunday and that is Litecoin which has surged almost 14% on the day to reach $132 again. Naturally, LTC was always going to bounce back first since it is now only 36 days to the block halving event. The move has enabled Litecoin to flip BCH again and retake fourth place as market cap tops $8 billion.
The rest of the major altcoins are slow to recover with XRP, BCH, EOS, BNB, BSV, and ADA only managing a couple of percent back from their double-digit dumps over the past few days. Altseason is still eluding crypto traders.
Has Bitcoin price corrected and recovered or will it drop further? Add your thoughts below.
Images courtesy of Tradingview, Shutterstock
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Martin Young, Khareem Sudlow