Bitcoin the global cryptocurrency with the highest market capitalization once again started to climb high and relishing the market sentiments with rounding numbers $11193.46, as of press time.
Once again, the mounting price of daring Bitcoin (BTC) building momentum for other altcoins and enabling them to go up with Eth jumped 8.26% in the past 24(hrs), according to CMC charts. On July 1 to 6, Eth was hovering around 226.13 to $227, from next day straight, the top altcoin started gaining drive from $240 to $345.16 (+8.44%), at the time of writing.
The positive scenario is noticeable with the rest of the altcoins as well.
Reportedly, when Bitcoin reaches a top new high soon after that it takes a short pull-back. The signals were seen in 2017, 2018, and 2019. Like, in June 2019, the Bitcoin price surged to $14,000 then soon retracted and correction took place.
As per the data, though, crypto enthusiasts are believing the high upsurge, few factors are indicating a short-term pullback on the horizon.
Some technical patterns and key indicators suggested by the market index Crypto Fear & Greed indicator by “Alternative Find Suitable Software” indicates that market greed reached at 75 number comparing to June which shows peoples’ fear.
In February 2020, the number reached by 65, and after a month the number plummeted as Bitcoin went down by $3,596.
However, there are various other factors due to which the upsurge happens. Reportedly, social media out of those plays a big role in making the market opinions and creates a FOMO.
Binance, CEO, CZ, while sarcastically commenting on the Bitcoin trend to one of the crypto YouTubers said that $20k is not the resistance?
In the past three days, the Bitcoin price fluctuated from $11,200 to $11,400. The indicators suggesting the rising position of Bitcoin due to the overheated market sentiments. However, the data is scarce to show the big rise and the correction is possible.
Michael van de Poppe, swing crypto trader, tweeted, if BTC crosses the motion of $11,200, it can reach to new number at $11,700.
However, another trader mentioned that Bitcoin is making Wyckoff pattern, which is a strong sign of a downtrend.