Bitcoin (BTC) at Crossroads: $30K or Bust?
• Bitcoin was unable to maintain its momentum after registering a 13-month high of $31,800 last week.
• BTC bounced off and tapped $30,000 earlier today, while other altcoins like ADA, XRP, BCH, and XLM surged by 2% to 8%.
• The bulls intercepted the move yesterday and pushed it back above the $30K line.
Bitcoin (BTC) Uncertainty at $30K
Bitcoin (BTC) registered a 13-month high of $31,800 last week but failed to retain its momentum since then. It dipped below the coveted $30,000 line on Tuesday and hit an 18-day low of $29,500 before being pushed back up by the bulls. As of now BTC is trading at around the $30K mark.
Most altcoins are trading with insignificant gains except for ADA, XRP, BCH and XLM which have all seen an increase in prices by 2%-8%. XLM is today’s top performer from the larger-cap alts with a surge of over 8%.
SEC Lawsuit Against Ripple
The massive gains witnessed in bitcoin last week were largely attributed to Ripple’s court victory against SEC. The suit filed by SEC accused Ripple of conducting illegal securities sale worth billions through XRP token sales. With this win Ripple managed to clear its name from any wrongdoing or illegalities involved in its token sales activities.
As per technical analysis Bitcoin is projected to be headed towards a bull market if it manages to hold above the current range between $28k-$32k. Altcoins are also expected to follow suit if BTC manages stays within this range for some time as investors are likely going to shift their focus towards these assets due their price being undervalued when compared against that of BTC .
It remains uncertain whether or not Bitcoin will be able stay above the price ranges mentioned as there are multiple variables such as regulatory pressures which can affect its performance drastically in no time. Investors should keep an eye out for news regarding new regulations or any major developments in order to gain better insight into how they should plan their investments accordingly.