As of Friday, March 27th, the price of Bitcoin is still battling the $6,700 and $6,850 resistance levels. Ethereum is changing hands above the $135 price level, while XRP is testing the $0.18 resistance following a recent rally above $0.17. Other altcoins including QNT, MKR, CHZ, and REN are in the green, up by more than 10% over the last few sessions.
Following the bullish signs being shown by traditional markets across the board, Bitcoin’s price continues to struggle against the $6850 resistance level. The bears are simply refusing to give in and are putting up one hell of a fight anytime Bitcoin attempts to consolidate above this key resistance level.
At the time of writing, Bitcoin is exchanging hands at the $6600 – $6660 price levels though trading volume doesn’t seem to have improved much in the last few days. Should the bulls prevail and overcome this resistance, then the next target in the short term will be the $7000 – $7250 price levels.
Investor sentiment is all over the place even though the BTC/USD pair has since recovered almost 80% since its March 12 crash that saw it lose its gains over the last 18 months. For example, British entrepreneur and investor, Alistair Milne shared his optimism that the pair may hit $9,000 in the coming days, while renowned markets analyst, Michaël van de Poppe believes it’s too soon to expect a bull rally.
“I don’t feel that Bitcoin is in any bullish market right now, given that we’ve lost pretty substantial support and we didn’t reclaim anything at all,” he stated in a recent video upload.
How are other altcoins faring as of today?
Major altcoins, including XRP, BCH, LTC, XMR, BNB, EOS, and TRX are showing bullish signs. Ethereum is still testing the $140 – $145 resistance levels and is currently trading at $135. If it is able to break through this resistance, however, then the next target will be the $150 – $155 resistance levels. On the flip side, failure to overcome this current resistance could see the price drop below the $130 support.
XRP recorded some gains as of today growing by over 8% to break above the $0.170 resistance level. It is currently changing hands at $0.175 and could be testing the $0.18 – $ 0.185 resistance levels should the current rally continue. If not, then it may likely slide back down to the $0.165 support level.
Bitcoin Cash and Litecoin are also showing positive signs and are testing key resistance levels, but what is perhaps the biggest gainer so far is Monero (XMR). The privacy-focused cryptocurrency has risen by 99.5% and is currently trading at $49.69 following the March 12 crash that saw its price drop to $24.
Overall, the cryptocurrency market is showing a slow return to life in the wake of the various stimulus packages being thrown around by governments around the world. But will this be enough to fuel a mega rally in the short term? Only time will tell.