BTC shocked many investors today as it slammed through the $17K resistance, which could indicate the final level before a retest of its all-time.
Today’s spike higher started as the BTC bulls regained strength and broke the $16,500 and $16,600 resistance level. The king coin pushed higher as buyers shattered the selling pressure that existed at several vital zones, sparking an even further extension of its recent momentum.
The BTCUSD pair is now in one of the most stable and longest-lasting parabolic upticks that have seen prices rise gradually for 73 days. Although the uptrend has seen a few brief pullbacks, today’s firm break above $17K is incredibly bullish as it is a level that many analysts have been closely watching.
As of this article’s writing, the BTC price is up 5.7% at its current price of $17,689. The move higher has largely been driven by mounting fundamental strength and not hype, as was the case during the 2017 bubble market.
BTCUSD Chart by TradingView
Could BTC Price be Over Sub-$10K Entries?
As corporate buyers dive in headfirst into BTC and institutions flip increasingly bullish, Bitcoin is well primed to set fresh all-time highs. Moreover, the number of new wallet addresses is climbing rapidly, pointing to broader adoption of the digital asset class among retail investors.
One analyst now predicts that BTC will never dip below $10,000 again after its push higher in recent weeks. Analyst “The Crypto Cactus” explained via Twitter:
“I’m so bullish on this space and the adoption we are seeing…The monthly chart just looks completely insane, I think sub $10,000 entry is gone forever.”
However, the analyst doesn’t expect BTC to set fresh all-time highs until 2021, which means that the coming six weeks may primarily consist of a bout of sideways trading.
The ongoing BTC price action has caught many celebrities’ attention, with Elon Musk name-dropping the cryptocurrency earlier today on Twitter.
The Tesla chief executive was responding to Actress Massie Williams, the Game of Thrones actress, over her query on whether to go long on Bitcoin.
XRP Price Smashes $0.30
Ripple (XRP) saw a sharp increase above the $0.2650 resistance zone on Tuesday. The XRP price gained pace above $0.2800 and surged over 12% to break the $0.3000 resistance.
XRPUSD currently trades at 0.30017 as per data from CoinMarketCap. The token faces massive resistance near $0.3030 and $0.3040 and must break above these levels to surge towards $0.3120 in the near term.