Bitcoin cracks 9,000 USD, Ethereum Classic rises 28% – are the bulls taking over?

  • Bitcoin briefly broke through the USD 9,000 mark a few hours ago and has been moving sideways ever since.
  • Among the Altcoins, Ethereum Classic with a price increase of 28% and Chainlink with 17% have benefited the most.
  • According to some experts, the omens look bullish so that the rally could continue.

Bitcoin has overcome many important resistances since January 2 until today and even briefly broke through the USD 9,000 mark. Shortly thereafter, however, Bitcoin fell back to USD 8,900 after BTC encountered enormous selling pressure. At the time of writing, the Bitcoin price trades at $8,901.23 USD, an increase of 3.69% within the last 24 hours.

Murad Mahmudov of Adaptive Capital, former employee of Goldman Sachs, describes on Twitter that BTC has exceeded a number of important moving averages. These include the 128-day single moving average (SMA), the 200-day exponential average (EMA), the 50-week SMA and the 100-week SMA.

Nevertheless, he urges caution, as it could be a “bull trap”. However, the chart shows that the momentum is currently bullish. If BTC can conquer the 200-day SMA, a rally could follow. Furthermore the Lucid Stop and Reversal Indicator shows an extremely bullish signal. This indicator last showed a buy signal in March 2019, which was followed by a rally in which BTC rose to over USD 10,000.

Experienced Bitcoin trader Josh Rager is also bullish for Bitcoin and describes that BTC could reach a new all-time high if BTC closes above the USD 10,100 mark. However, he points out in further tweets that he believes Bitcoin will have to continue to fight hard after the summer and the halving to achieve its long-term goal.

Ethereum Classic and Chainlink are rising rapidly, is an Altcoin rally imminent?

Ethereum Classic has risen by more than 170% in the last 30 days to a current price of USD 9.92. As CNF reported, ETC has activated the hard fork Agharta at block level 9,573,000. The update had the same goal as the previous Atlantis update, which was implemented in September 2019 to increase the interoperability of Ethereum Classic with Ethereum.

Agharta has integrated the opcodes of the Constantinople and St. Petersburg upgrades into the Mainnet of Ethereum Classic. Another reason could also be in the ETC futures recently introduced by Binance with a 75x leverage. In addition, the provider SafePal Wallet now supports ETC, thus promoting the adaptation.

Chainlink, together with Cosmos (+15.61%), is also one of the big winners and was able to increase by 15.69% to a price of USD 2.79 in the last 24 hours. Chainlink entered into a cooperation agreement with Conflux a few days ago to increase security in Smart Contracts. The cooperation enables a secure connection between Smart Contracts in the Conflux blockchain with information, web APIs and traditional off-chain payment systems.

Chainlink is also playing a key role in the strong growth of the decentralised financial economy (DeFi). When DeFi reaches a billion or even trillion dollars, Chainlink and its LINK token could benefit greatly. Chainlink provides distributed oracles that provide off-chain connectivity for Ethereum Smart Contracts.

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About Author

Please follow me on Twitter for deep analysis. Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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