The cryptocurrency market was looking green but it went down due to a bear pull that took place on Tuesday at 6:39 PM UTC. Bitcoin went below the $8,000 mark but it was quick to get back up. Almost all the coins including Ethereum [ETH] and Ripple [XRP] experienced this dip in their prices but they reversed it after some time. Despite this fall, Ripple [XRP] still looks green with a gain of 0.27% in the last 24 hours. Bitcoin and Ethereum look red as of now with 0.33% and 0.47% dip in the prices. Ethereum, however, did not fall down below the $500 mark and at 10:52 AM UTC was priced at $513.52.
Monero [XMR] is the winner today with 13.29% gain in the last 24 hours. Although during the bearish market it went down the $200 mark, a bull run afterwards took it up and above $200 mark. The coin at 10:55 AM UTC was seen to be trading at $226.21 giving it an upper hand among the other cryptocurrencies.
Our sentiment analysis segment comprises of crypto-related sentiments of people from around the world which includes expert comments on the current market trends and possible outcomes of cryptocurrencies. This segment is carefully structured after taking an interview of a group of investors, miners, skeptics, analysts, influencers, and their valuable comments are recorded as it is. This analysis is on the cryptocurrency king; Bitcoin [BTC]
At 11:02 AM UTC, Bitcoin was seen to be trading at $8095.79 with a market capitalization of $137.503 billion. The coin is currently trying to reverse the loss incurred during the bear market. Bitcoin had peaked at $8285.96 at 2:14 PM UTC on Tuesday before breaking the $8000 mark. The coin after breaking the mark was seen to be trading in the $7900 range before it went up again at 6:44 AM UTC. Right now the coin is consolidating above the $8000 mark and the indicators are signaling that the uptrend may carry on. There is a support for the coin below the $8000 mark at around $7600. On the 4-hours chart, the coin is seen to be trading above the 100 SMA but below the 200 SMA. However, on the one-hour chart, the coin is trading well above the 100 SMA and 200 SMA which indicates that the bullish trend is more likely to remain than to reverse.
Ian Foster, a Bitcoin investor from New Castle says:
“There is a huge buy opportunity coming up for BTC in the near future. I’m expecting a drop in the price to the $7000 levels but soon after that it will begin to test the targets of $12000 and above. This will happen if the coin drops to the support zone and bounces from that point.”
Paul Vincent, an altcoin miner from Amsterdam says:
“If Bitcoin breaks out of the resistance channel that the coin is currently trading in, it will lead to a bullish breakout that will take the coin above $10000 and possibly hit the $11000 mark. The resistance appears to be strong and the coin will need a lot of buyers to break it and go up. This is not a short term picture for the coin but rather a long term picture.”
Sharon Christie, an advisor from Bahrain says:
“The short term picture of the coin in the hourly chart indicates a bullish momentum for the coin. The trend lines also indicate that the coin will go up. Right now the coin is testing the resistance levels and if it breaks above the 200 SMA, we’ll have a bull run folks.”
To conclude, 68% of Bitcoin respondents feel bullish as the price is trading above the $8000 mark and they feel that it will not drop down further than $7500. Another 32% is however bearish as they feel that the coin is not capable of breaking out of the resistance channel.
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