A bullish start of the day! It was more than a month that the global crypto market was trading below $1 trillion and a couple of days before the market cap did climb at $1 trillion before dropping. However, today once again the world wide crypto market cap is trading above its crucial mark with a surge of 1.73% over the last 24hrs.
On the other hand Bitcoin has gained 2.16% in the last 24hrs to trade at $20,668 pushing other major cryptocurrencies like Ethereum, XRP, BNB, Cardano and others.
However, one of the most closely followed crypto analysts and traders, Michael van de Poppe is of the opinion that the King currency is still around its resistance even when the currency has surged above $20,500.
The analyst makes an effort to inform his 637,600 Twitter followers that as Bitcoin was earlier rejected at $20,800 the currency is still below its resistance. He also says not to go long for now.
The strategist further claims that if Bitcoin finds its support around $19,600 and $19,900, the currency will favor the traders who are looking for long.
He says that if Bitcoin fails to hold its support around $19,900 then the next support should be at $19,600.
Next, Van de Poppe talks about the lead altcoin, Ethereum where he asserts that for ETH the resistance lies around $1,600 and $1,650. He believes that it is necessary to move beyond the mentioned resistance to trade around the next resistance at $1,750.
At the time of reporting, Ethereum is selling at $1,580 after a surge of 4.84 over the last 24hrs.