Bitcoin holds on to gains

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On June 30, Bitcoin (BTC) witnessed a rally. Most of the other cryptocurrencies also witnessed a rally. Many people thought that this rally was indeed short-term and it would fizzle out soon. However, even after 24 hours of the rally, it is holding strong. Even though Bitcoin has not been able to increase further but it has retained the gains which it made on June 30. This clearly indicates that at the lower levels, there is some kind of support which is actually helping Bitcoin.

Most of the cryptocurrencies are holding stable:

The other cryptocurrencies are also holding stable. Even though, they are in the negative but only so marginally. Bitcoin has also moved from $ 6450 to just $ 6300. This clearly indicates that it is holding the price levels.

Similarly, Ethereum is also down by just a 0.06%. This indicates that most of the cryptocurrencies are holding their ground. When you look at the total market capitalization, it is around $ 256 billion. Yesterday, it was around $ 260 billion. This indicates that the cryptocurrencies have only moved lower by approximately 1% or 2%.

On the other hand, there are a few cryptocurrencies which are rising as well. Iota has risen by almost 7% in the last 24 hours. This clearly indicates that not each and every cryptocurrency is falling.

The turnaround which happened on June 30 came after a couple of weeks of continuous falls. That is why, it is so significant for the markets. If indeed, it is able to sustain, the cryptocurrencies can rise further. When the cryptocurrencies rise further, it will become easier for investors to have some confidence and think about investing as well.

Bitcoin has again bounced back from a support level of $ 5500. This is the reason why many of the traders think that it is actually positive and it will rise further. As long as, it is able to hold these levels, it will become very easy for the cryptocurrencies to move higher. The momentum will also be on the side of the cryptocurrencies. This will actually be positive for most of the cryptocurrencies.

Thus, when you take into account the recent price movements in cryptocurrencies, you will realize that they have been more or less positive. This is actually added advantage for most of the cryptocurrencies including Bitcoin. The next resistance stands at around $ 6400. It remains to be seen whether Bitcoin is able to sustain above those levels or whether it moves on.

About Manish 352 Articles
I am an avid crypto lover and a electronics & telecommunications engineer by qualification. I follow the cryptocurrency & blockchain industry closely to focus on the latest news & developments.

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