BTC Breaks Trendline and Builds Up Around $7k

Today, the BTC markets seem to be building up to $7,000. This happens after about 2% from yesterday’s highs of roughly $7,150 were lost.  BTC has been rallying by nearly 6% for the past two days. This is a record above a major descending trend line dating back to the all-time highs of December 2017 on the 27th of August.

The hard-hitting action followed a significant short squeeze. At the moment, BTC is trading for about $6,975. BTC has a total market capitalization of $120.5 billion and a market dominance of 53.3%.

On the 27th of August, the BCH markets rallied and gained 10% by the close of the 28th. The markets have since then retraced by nearly 4% over two days. BCH was trading for about $540 at the time of writing.

The BCH/BTC charts revealed that Bitcoin Cash gained about 3% over Bitcoin Core to retest the preceding support area of 0.08 BTC during the 27th and 28th of August. It appears that the former support area has been confirmed a resistance, with the BCH/BTC markets generating a full retrace back to about 0.0775 BTC since.

In terms of capitalization, Bitcoin Cash was the fourth largest crypto market at the time of writing. BCH has a total market cap of $9.5 billion and a market dominance of 4.2%.

Ethereum is the second largest market by capitalization and has produced same results in terms of price action, as BTC and BCH in recent days. While comparing with BTC, ETH rallied by 8.5% over the course of the 27th and 28th of October, before retracing by roughly 5.5% during the last two days. ETH is presently trading for $280.



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