The bulls are back in town? BTC pushes past $20,000 to beat Septembear blues
The largest token by market capitalisation showed early signs of recovery as it rose as much as 2% on Monday 26 September to push past its resistance level and trade upwards of the $20,200 mark.
Bitcoin (BTC) has rallied at a time when the overall markets have slumped, (representing an opportunity for bullish traders) after reclaiming its price above its $20,000 threshold and sending a signal of relief for analysts that believe a bear market could be on the horizon.
Also, BTC has been relatively stable with low volatility over the past few weeks, breaking away from its short-term resistance line at different times throughout the month. As of earlier on 28 Septemter, its market cap was around $357bn, with its dominance over other altcoins close to 50%.
However, since Monday, BTC has fallen back down to the $18,600 mark, recording a 7% decline in the last 24 hours, according to CoinMarketCap. Its current price sits around 20% below its August peak.
BTC to USD
Crypto market shows strengh following The Merge
Severeal altcoins have stayed in the green following Ethereum’s long-awaited Merge on 15 September. Cardano (ADA) has remained relatively stable, while popular altcoin Polkadot (DOT) dipped initially after the update, but recovered within 24 hours to trade around the $7.10 mark.
Solana (SOL) has floated around the $32 mark, while Chainlink (LINK) has also reported a stready increase in price.
Ethereum (ETH) was among the worst performers after The Merge, dropping from close to $1,600 to under $1,300. At the time of writing, the second largest crypto was trading at around the $1,270 mark.
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