Altcoins Reached to New Multi-Year Highs, as BTC Price Stalled at $9,300 Again


July 8, 2020 1:07 pm

Altcoins Reached to New Multi-Year Highs, as BTC Price Stalled at $9,300 Again
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Bitcoin (BTC) price pushed above $9,300 within the last few hours, after struggling to hold the $9,300-$9,400 level for the past three days.

On July 6 and 7, The move was accompanied by a notable surge in purchasing volume which is exactly what is needed given that the Bitcoin price formed a tweezer top and rejected at $9,374.

Crypto market weekly price chart. Source: Coin360

Currently on June 1, the price trades slightly above the 20-MA and the descending trendline from the local high at $10,377, but Bitcoin’s failure to hold the $9,300 level means that an extension at $9,600 remains out of reach.

BTC USDT daily chart. Source: TradingView

Aside from the need for Bitcoin price to set a higher limit above $9,374, the Volume Profile Visible Range (VPVR) shows a high volume at $9,450 so bulls are not out of the woods yet.

Traders will be watching to see if the price can secure a 4-hour close above $9,300 and if Bitcoin can push through the $9,450 level then a surge to $9,600 is likely. If Bitcoin price fails to hold $9,300, the 4-hour time frame shows support at $9,225 and below this at $9,000.

Bitcoin daily price chart. Source: Coin360

A handful of the top-50 altcoins posted strong double-digit gains, as Bitcoin price gently worked its way through resistance to $9,300. Cardano (ADA) reached a new 2-year high by surging 26% to $0.13. Chainlink (LINK) also returned 6.11% to a new all-time high at $5.99. VeChain (VET) was another top performer for the day with a 21.6% rally.

The overall cryptocurrency market cap now stands at $271.3 billion and Bitcoin’s dominance rate is 63%, according to CoinMarketCap

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