Bitcoin leads cryptocurrency bulls as rally continues
Cryptocurrency prices continued to rally on Friday, supported by market leader bitcoin, with technical analysts pointing to signals that the digital token could break out of its recent range.
As bitcoin rallied, so too did most of its digital currency rivals, helping push the total market capitalisation above $221bn.
Nick Cawley at DailyFX said: “The cryptocurrency market continues to push back from recent lows and recent price action is building a short-term bullish case for market heavyweight bitcoin.”
He detailed a bullish chart signal that pushed bitcoin back above its 20- and 50-day moving averages and that a break of resistance above $6,900 would suggest a move higher and “confirm that this year’s bear market is nearing an end”.
John Isige at FXStreet agreed: “At the moment, Bitcoin is on the verge of a breakout from the multi-month descending trendline.”
By midday in London, the price of bitcoin had faded a little, but remained 2.7% higher on the day at $6,656.
Here’s a midday [London time] round-up of the price moves in the top 10 cryptocurrencies:
- Bitcoin +2.7% at $6,656
- Ethereum +4.4% at $224.41
- Ripple -0.4% at $0.53
- Bitcoin cash +2.1% at $541.51
- Eos +6.5% at $5.83
- Stellar lumens -0.1% at $0.25
- Litecoin +7.4% at $62.03
- Tether unch at $1
- Cardano +4.6% at $0.08
- Monero +2.8% at $116.78