At the time of writing, the crypto-community’s optimism was on an incline after Bitcoin, the world’s largest cryptocurrency, breached the psychological resistance of $10k, a level it breached for the first time since its halving on 11 May. The king coin’s movement upwards came as a relief for many since many were concerned about BTC possibly staying below the $9,500-mark after weeks of steady consolidation.
BTC’s surge over $10k propelled other alts in the market to soar too, most notably Justin Sun’s Tron [TRX].
At press time, Bitcoin was priced at $10,100, following an almost 7% surge in value over a 4-hour period, movement that finally broke BTC out of its consolidation pattern under the $9,500-level. Despite previous attempts to do the same, this is the first time Bitcoin breached the $10,000- mark, a level many had anticipated the king coin to breach well before the halving and even immediately after it. It should be noted, however, that the present surge in Bitcoin’s value, the sheer magnitude of it, was unexpected by all.
This was highlighted by the king coin’s market indicators as while the Parabolic SAR’s dotted markers suddenly shifted to be placed below the price candles to underline a drastic trend reversal in the market, the Chaikin Money Flow spiked steeply to correspond with the price rise, before falling again, indicating that capital inflows into the Bitcoin market were well over the capital outflows.
However, such optimism in the BTC market shouldn’t in the least be unexpected as according to Glassnode, 79% of all Bitcoin supply is right now in a state of profit. And, it would seem that everyone in the community wants to get in on the act. That is, if exchanges like Coinbase didn’t shut down every time the market volatility took them by surprise.
Justin Sun’s Tron, once one of the market’s mainstays in the top-10, is now languishing at 17th on CoinMarketCap, with TRX having been overtaken by the likes of Cardano, Tezos, Chainlink, and even Crypto.com Coin. However, despite its flailing position in the market, Tron Foundation’s Justin Sun has continued to market it as the next big thing. In fact, just recently, he made waves after announcing that Tron 4.0 is coming soon, following which he also spoke of an ‘exciting project‘ being announced on 8 June.
Alas, it would seem that none of these updates had any noticeable impact on the price of TRX. In fact, it took Bitcoin’s surge over $10,000 to see TRX soar as well, with the token rising by over 4%.
While the Bollinger Bands were expanding at press time, suggesting increasing volatility in the market, the MACD line was just above the signal line following a bullish crossover.
Dogecoin, the Internet’s favourite meme-coin, continues to defy usual expectations associated with something devised as a joke. In fact, since the Black Thursday crash in March, DOGE seems to have registered an uptrend that is markedly better than that of most alts, a movement that continues to stump most market analysts. Interestingly, compared to other alts, DOGE was already climbing without Bitcoin’s push, with DOGE registering gains of almost 10% over the past week.
While the Awesome Oscillator pictured barely any market momentum, the Relative Strength Index was mediating between the oversold and overbought zones.
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