Bitcoin up 8% on Monday morning, other cryptos rallying
But bitcoin largely unchanged from Friday and market is
still “trading sideways,” an analyst says.
LONDON — Bitcoin is rallying on Monday morning but is still
largely unchanged from where it was on Friday.
is up 8% to $8,732.34 at 8.15 a.m. GMT (3.15 a.m. ET) amid a
wider bounce for cryptocurrencies. Here’s how the other major
cryptos are looking at the same time:
Despite the strong performances, they are mostly not that
impressive in the context of the weekend. Bitcoin is largely
unchanged from where it was on Friday after a choppy weekend.
The London Block Exchange writes in its Monday morning market
report: “After a fake breakout above the $8,500 resistance last
Friday afternoon, bitcoin finally tested the $9,000 area on
Saturday morning, but the attempt was a flop.
“As the mother of cryptoassets flirted with $9,100 and failed to
break through, bulls lost trust, and bitcoin started declining
until it hit $7,800.
“Taking a step back, since last Wednesday, bitcoin and the
majority of alternative cryptoassets have been trading sideways,
showing some bullish signs — such as making higher highs and
dipping to higher lows — but the market still hasn’t left its
rather long downtrend.”