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Bitcoin faces resistance at $ 9,300 and altcoins hit new all-time highs

July 8, 2020

In the past few hours The price of Bitcoin (BTC) rose above $ 9,300 after struggling to maintain the $ 9,300 to $ 9,400 level for the past three days.

The movement was accompanied by one significant increase in purchasing volumeThis is exactly what was needed as Bitcoin’s price was a top bracket on July 6th and 7th and was declined at $ 9,374.

Crypto market weekly price chart

Bitcoin faces resistance at $ 9,300 and altcoins hit new all-time highsBitcoin faces resistance at $ 9,300 and altcoins hit new all-time highs

Weekly cryptocurrency market performance. Source: Coin360

Currently, the price is trading slightly above 20 MA and the downtrend from the local high of $ 10,377 on June 1, but Bitcoin’s failure to maintain the $ 9,300 level means a $ 9,600 shot is still out. Scope.

BTC USDT daily chart

BTC / USDT pair daily chart. Source: TradingView

Aside from the need for Bitcoin’s price to be over $ 9,374, the VPVR is high at $ 9,450 The cops are not out of the woods yet.

Traders will be watching to see if the price can secure a four-hour close above $ 9,300.and if Bitcoin can break above the $ 9,450 level, it is likely to rise to $ 9,600.

If Bitcoin’s price doesn’t make it to $ 9,300, the four-hour period shows support at $ 9,225 and below at $ 9,000.

Bitcoin daily price chart

BTC price daily chart. Source: Coin360

As Bitcoin’s price slowly went through the resistance until it hit $ 9,300, A handful of the top 50 altcoins saw strong double-digit growth. Cardano (ADA) It hit a new two-year high and rose 26% to $ 0.13.

Chain link (LINK) It also rose 6.11% to a new all-time high of $ 5.99. VeChain (VET) was another of the best of the day with a rally of 21.6%.

According to CoinMarketCap, the total capitalization of the cryptocurrency market is now at $ 271.3 billion and Bitcoin’s dominance rate is 63%.

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