As Bitcoin [BTC] prepares to breach $9,000 mark, altcoins seem to be making the most of the BTC-less bullish swing. Led by Bitcoin SV [BSV], several altcoins in the market posted small to major gains in the coin market.
The Craig Wright, Calvin Ayre-spearheaded project recorded a 21.06 percent price rise over the past 24 hours, placing it on the 8th spot on cryptocurrency charts. BSV was the highest gainer in the month of May, amassing a massive 240 percent price pump in thirty days.
Bitcoin SV’s price surge began on May 29, when the coin was trading at $121.25 and saw a massive 101.4 percent gain to reach $244. The subsequent correction dropped the price by 26.21 percent to $180. BSV was sluggish at the aforementioned mark till June 1, prior to the recent price increase. Beginning at $190, BSV saw its price shoot up to $227 in a matter of 4 hours by 0230 UTC on June 3. The press time price of the coin stood at $224.62, still over $20 off its highest price in the past month.
The market cap of the coin rose by $2 billion and at press time, the BSV project had a market cap of $4.01 billion. Upbit took the top-spot for BSV trading volume, accounting for 10.5 percent of the global volume in the trading pair BSV/KRW. Other notable exchanges included OKEx, Coinbene and Digifinex. However, in terms of “real” volume, Bitfinex took the top spot with 1.44 percent volume in the trading pair BSV/USD.
It should be noted that the larger crypto-community does not pay much attention to BSV’s price rise as the coin’s fundamentals, in terms of its active daily addresses, transaction count and median transaction value, look bleak compared to its forks, Bitcoin [BTC] and Bitcoin Cash [BCH] . Additionally, BSV has been delisted by several top exchanges, allowing smaller exchanges to be able to pump the coin’s price, claimed many analysts.
XRP, the second largest altcoin in the market, also portrayed a notable rise, gaining 4.75 percent in price against the US dollar over the past 24 hours. After reaching $0.469, XRP dropped to $0.415 due to correction and this recent price pump saw the coin gain by 10.36 percent, reaching $0.458. Since June began, XRP’s market cap increased by over $1.3 billion, trailing Ethereum [ETH] by over $9.5 billion.
Ethereum Classic [ETC] also ranks among the highest gainers in the market, with the hardfork surging by 6.43 percent, with a price of $9.41. Over the past few days, the cryptocurrency’s price rose by 12.69 percent. On the back of this significant rise, ETC saw its market cap break $1 billion and reach $1.04 billion, at press time.
Bitcoin price prediction: BTC/USD stuck between strong levels of support and resistance – Confluence Detector
- BTC/USD went down slightly from $8,811.45 to $8,750.50 this Wednesday.
- BTC/USD has three healthy resistance levels on the upside at $8,800, $8,990 and $9,000.
After suffering a slightly bearish Wednesday, wherein it fell from $8,811.45 to $8,750.50, BTC/USD has had a bullish start to this Thursday and is currently priced at $8,768.85. Since the price is sandwiched between strong resistance and support levels, further growth might be hampered. On the upside, there are three healthy resistance levels at $8,800, $8,990 and $9,000. While on the downside, healthy support levels lie at $8,755 and $8,530.
BTC/USD Confluence Detector
Looking at the resistance levels – $8.800 has the one-hour Previous High, 4-hour Bollinger Band middle curve, 15-min Bollinger Band upper curve, one-hour Bollinger Band upper curve, one-day Fibonacci 61.8% retracement level and 100-day Simple Moving Average (SMA 100), while $8,990 has no confluence detected. $9,000 has the 4-hour Bollinger Band upper curve and SMA 10.
On the downside, $8,755 has the SMA 5, SMA 10, SMA 50, SMA 100, SMA 200 and one-hour Bollinger Band middle curve. Finally, $8,530 has the one-month Fibonacci 61.8 retracement level.
Bitcoin to soon be accepted at 65,000 Swiss Retailers
- 65,000 Swiss Retailers will be able to soon start accepting Bitcoin.
- The new development comes on the back of a partnership between Bitcoin Suisse and Worldline.
It is reported that a new system will be available for the 65,000 Swiss merchants currently using Wordline’s nationwide payments infrastructure, dubbed SIX Payment Services.
65,000 Swiss retailers will shortly be able to start accepting Bitcoin as a means of payment. It comes following a partnership announcement between the Swiss broker Bitcoin Suisse and the European payment and transaction services provider Worldline.
It is reported that local publication Switzerland Global Enterprise has announced that both companies have signed a letter of intent. It covers ground that they promise to offer Swiss traders and consumers the possibility of paying with BTC. In terms of the partnership, it will be allowing the country’s 65,000 retailers who already use Wordline’s infrastructure to accept Bitcoin payments.
Bitcoin technical analysis: BTC/USD price is consolidating outside of bullish flag
- 2Bitcoin price is trading in positive territory, up some 0.50% in the second half of the session.
- BTC/USD price action is within consolidation mode, failing to attract commitment.
- The bulls must again breakdown and hold above the $9000 price mark for greater upside.
BTC/USD weekly chart
The price is sitting just on top of a breached weekly flag structure.
BTC/USD daily chart
Daily price action is also moving within a bullish flag, subject to a potential breakout higher.
Spot rate: 8,771.49
Relative change: +0.50%