Despite Bitcoin back below the $20,000 mark, global crypto market has been making slight gains. Investors and traders, who believe in the long-term prospects of cryptocurrencies, are hopeful for significant improvement this week. They believe the digital assets will build positions at lower levels and not catch the bottom.
At the time of writing this article, Bitcoin was trading at $19,891 having gained 0.53% as per data from CoinMarketCap. Ethereum is up by 1.57% in the last 24 hours and changing hands at $1,577. In the last seven days, the second most popular cryptocurrency gained 8.14%, while the BTC price lost 0.06%.
In regards to the altcoins, Cardano ADA proved to be the biggest gainer over the week. It’s up by 14.62%. Polygon MATIC followed closely gaining 13.45%, and Polkadot added nearly 9% to its value. The altcoins have been seeing significant gains. With the positive trend continuing, the market will see further investments and is likely to rise in value. This will help the market reduce sell-offs.
Joe DiPasquale, the CEO of BitBull Capital, pointed out that Bitcoin continues to struggle to maintain the $20,000 support. He called BTC’s current range good to begin accumulation. DiPasquale advised investors to be mindful of further drops that might occur around September 13 when the Bureau of Labor Statistics releases the August Consumer Price Index (CPI). Select altcoins can move higher if Bitcoin sees a good recovery.
For the past couple of days, BTC has been trading in a tight range of $19,520 – $20,576. This shows a balance between the buyers and sellers in the near term. Bulls have been buying dips but failed to overcome the selling at higher levels. Strong support remains at $18,910 and $18,626. Analysts expect this level to attract strong buying as this has been seen on two previous occasions.