Bitcoin targets $36K key Wyckoff level with altcoins set to ‘grind up heavier’

Bitcoin, the leading cryptocurrency, soared to a new all-time high on Friday, breaking above $3,400 for the first time in nearly a year. The price of the digital currency skyrocketed by more than $500 in the hours after the start of trading, and was up more than $600 by the close of trading on Wall Street. It will also likely be the first “pure” cryptocurrency (i.e. bitcoin, ethereum, ripple) to break the $36,000 mark, which is known as the Wyckoff Point.

Bitcoin is the largest cryptocurrency with a market cap of over $150B, and a new report from the cryptocurrency-focused publication CoinDesk claims that it has a new bullish trend to test. Bitcoin is coming off a sixth consecutive weekly gain and is now up almost 60% year-to-date at $36K, and a further 15% against the dollar. Bitcoin’s market share has also risen to over 40%, while altcoin market cap has grown to over $800B, compared with $300B at the start of the year. I’ve been talking about Bitcoin’s importance to my subscribers lately, and this is an area where I see it breaking out in the very near future.

As the crypto markets grind sideways, Bitcoin is getting ready to take out a key Wyckoff point. The short-term probe to the $36K level has been confirmed by a number of high-profile trading pairs, but as the markets grind up, altcoins are getting crushed as they grind their way to the bottom.

Bitcoin (BTC) rose on the 6th. July towards the important Wyckoff level, as the BTC price movement led traders to expect a sharp rise in altcoins.

1 day candlestick chart BTC/USD with comments. Source: Filbfilb/Twitter

Bitcoin vs Altcoins in agrinding game

Meanwhile, conditions could be favorable for altcoins to earn more than bitcoin in the medium term.

Related: The price of Ethereum could surpass that of Bitcoin by as much as 40%, says an analyst in the context of the upcoming London fork.

According to trader Michael van de Poppe, in an atmosphere where cryptocurrencies are trending upwards, BTC/USD may not be the only one of interest.

Altcoin is likely to grow much faster than bitcoin in the near future, he told his followers on Twitter on Tuesday.

They looked good and were wiped out when bitcoin dropped to $30,000 the other day. As such, I expect them to continue to outperform #Bitcoin in the coming months.

Some of the top 50 cryptocurrencies by market capitalization rose 10% overnight. Ether (ETH), the largest altcoin, was trading 3 percent higher at $2,340. Meanwhile, many DeFi tokens have been growth leaders over the past 24 hours, including SUSHI and AAVE, which are up more than 20%.News of BTC being bought may have you wondering which altcoin is the next bitcoin killer. While you may be tempted to sell your BTC holdings in anticipation of the next big coin, you could be really missing out.. Read more about wyckoff bitcoin tradingview and let us know what you think.

Related Tags:

bitcoin manipulation 2021 wyckoffwyckoff scannerbitcoin wyckoff 2021wyckoff events and phases btcwyckoff bitcoin tradingviewwyckoff accumulation bitcoin,People also search for,Privacy settings,How Search works,bitcoin manipulation 2021 wyckoff,wyckoff scanner,bitcoin wyckoff 2021,wyckoff events and phases btc,wyckoff bitcoin tradingview,wyckoff accumulation bitcoin,wyckoff distribution bitcoin,wyckoff method crypto

Recent Articles

How to Buy Everex (EVX) | Step By Step Guide 2018

Everex is a platform that aims to bring the benefits of blockchain technology to emerging markets. With its own cryptocurrency, EVX, Everex allows users...

Visa and Worldpay Take Blame for Erroneous Charges on Coinbase

A recent report from the Wall Street Journal revealed that two of the largest payment processors, Visa and Worldpay, were responsible for erroneously charging...

Conflux Network Price Prediction – How Much Will CFX Be Worth in 2021?

Conflux has a bright future ahead of it. With the release of their new platform and the upcoming changes, we believe that this coin...

How Long Does it Take to Mine a Bitcoin?

Bitcoin mining is the process of making computer hardware do mathematical calculations for the Bitcoin network to confirm transactions and increase security. Mining is...

Siacoin Price Prediction for 2020, 2022, & 2025 – Crpyto Coin Society

Siacoin is a decentralized storage platform. The company’s goal is to provide a decentralized cloud storage network, which will allow users to store and...

Related Stories