Bitcoin's Rise Continues as Matic Doubles in Value
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Bitcoin continues to advance on Thursday, following yesterday’s surge above $7,500. Traders quickly brushed aside the news of the UpBit exchange hack, and focused on more positive developments such as fresh record trading volumes on Bakkt’s Bitcoin futures exchange.
The broader cryptocurrency market is largely following BTC/USD moves, with 0x and TRON currently the top performing cryptocurrencies inside the top 20.
Matic Network continues its recent range multi-day breakout as the token gained more than 100 percent early October.
The total cryptocurrency market capitalization is now $198 billion, an increase of 4.6 percent from Wednesday’s price opening.
Bitcoin should remain well-supported while trading above the $7,380 level. The one-hour time frame continues to show that an inverted head and shoulders pattern is in play with an $800 upside projection.
Short-term technical resistance is now located at the $7,700 level, with the $8,000 and $8,200 levels showing the strongest intraday resistance above.
Buyers ideally need to rally price above the $8,550 level in order for the cryptocurrency to resurface above its 200-period moving average on the four-hour time frame.
The recent range breakout in the MATIC/USD is a major technical development for the cryptocurrency, attracting a wave of new technical buying and interest among traders.
The price briefly came down to test the range break and then reversed sharply, providing confirmation that the breakout is genuine.
Near-term upside objectives for bulls are located at the $0.02650 and $0.2720 level. It is noteworthy that Matic Network’s all-time trading high is still located around eighty percent higher than its current trading value.
According to the latest data from The TIE, sentiment toward the cryptocurrency market has improved to 59 percent.
Binance Coin has the strongest sentiment among the top 10 cryptocurrencies at 68 percent. Meanwhile, Stellar Lumen has the weakest at 33 percent.