The first part of the past week has been really rough for crypto traders, and today the crypto market looks good, and the coins are trading in the green.
The bulls came back to the crypto market
As you know, the past week also marked the return of the bulls in the crypto space and we mentioned a few reasons for which this happened.
VanEck’s head of digital asset strategies Gabor Gurbacs who addressed three main reasons for which the bulls are back in the crypto market.
“CME Bitcoin futures expired
President Xi Jinping supports blockchain in China.
Crypto Capital CEO arrested. Exchanges, such as Bitfinex, may get some of the seized 850 million back.”
BTC needs to maintain the momentum
Technical analyst Josh Rager said that the sudden pump which took place a few days ago was pretty great, but he also noted that BTC needs to close above $8,374 to maintain its momentum.
“Bullish candle that woke the market. [I was hedged] short myself 1x. Got stopped out and still up in BTC,” he said.
He continued and explained that “Late shorts got punished and literally knocked out all stops A great start but still want to see price break/close above previous resistance $8,374+.”
Ethereum and XRP will lead a new altcoin season
The Daily Hodl online publication mentions another crypto analyst known as Paddy Stash who said that he thinks a new altcoin season is starting to form.
His top choices for a new altcoin rally are Ethereum and Ripple‘s XRP.
“Since about the beginning of September, all the major alts have been moving higher against Bitcoin. Altcoin dominance is now on its 7th Consecutive GREEN week,” he said.
He also mentioned the fact that “The locomotive is starting slow, but there is no denying its beginning. Here are some of the top alts to show you.”