Despite the high volatility on the cryptocurrency market, the top 10 coins are located in the green. The biggest gainer is Cardano (ADA), whose rate has gone up by 4.52% since yesterday. Interestingly, the prices for the altcoins are not trending against Bitcoin (BTC) as in the previous trading days.
Below is the relevant information for the leading cryptocurrency at press time:
Market Cap: $131,122,455,441
Volume (24H): $20,196,346,228
Change (24H): 1.55%
BTC/USD: Can the Bulls Seize the Initiative on a Short-Term Basis?
The price of BTC has been extremely volatile since yesterday. November 27th started with a sharp drop from $7,000 to below the $6,900 mark. This was mainly caused by a hack of the UpBit exchange.
However, BTC was able to recover quickly. Over the course of one hour, the price rocketed back above the $7,300 mark, which is where the coin is currently trading. As with regards to the nearest price scenario, BTC might correct itself between the levels of $7,100 and $7,150.
Furthermore, a long bullish candle wick has formed, suggesting a rollback to the previous positions.
Looking at the bigger time frame, the picture is more positive. The local trend remains bullish as the Moving Average Convergence/Divergence (MACD) indicator is continuing to move upwards. If Bitcoin can fix above $7,300, the next stop will be the $7,400 mark, which served as an earlier resistance point. However, it is a correction from the continuing decline of the past two weeks, and a result, one cannot consider it as the end of the bearish market.
At press time, BTC is trading at $7,277.