Bitcoin and most Altcoins increased slightly on Saturday, erasing some of the losses made during the week. The BTC price has reached $ 105,000, up to the lowest of this month of $ 100,300, while the market capitalization of all parts reached 3.4 dollars.
Pepe, the second largest piece of memes on Ethereum, jumped at $ 0.00001,150, up to the lowest of this week of 0.00001040 $. Likewise, Casper Network (CSPR) increased to $ 0.0145, up 32% compared to its lowest point this week. Huma Finance (Huma) climbed for three consecutive days, reaching a summit of $ 0.055.
Why bitcoin and altcoins are increasing
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There are four main reasons for which Bitcoin and Altcoins like Pepe, Casper Network and Huma Finance soar today:
- US trade discussions and in China.
- Buy the dip.
- ETF request.
- BTC cup and handle pattern
American trade conferences and in China
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The first main reason why Bitcoin and Altcoins are skyrocketing is that the United States and China will organize additional commercial talks in London on Monday. These discussions follow a phone call between Donald Trump and Xi Jinping earlier this week.
They come at a time when tensions between the two countries have started to increase. China accused the United States of raping the agreement concluded in Switzerland by announcing export control over key elements.
The United States, on the other hand, accused China of retaining the crucial materials of rare earths on which its industrial base depends. Consequently, the talks, if successful, could trigger a face -to -face meeting between Trump and Xi, and end the current tensions.
Bitcoin and Altcoins increased in the middle of a dip
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In addition, Bitcoin and other altcoins jumped while investors bought the decline after the recent crash. It is common that market players buy the decline after a sharp decline.
This drop bump can be the beginning of a new bull, or it can be a dead cat rebound (DCB). A DCB, also known as Bull Trap, is a situation where an asset in a free fall bounced briefly, then resumed its downward trend.
Analysts recommend that investors always take time before buying the decline, as it can be a bull trap. One way to avoid this trap is to identify specific resistance levels and buy only when crossed. In the case of Bitcoin, this area can be the psychological point of $ 110,000.
ENTF ETF ETF
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Bitcoin and other altcoins have jumped while data has shown that Wall Street investors have continued to accumulate ETHEREUM. These funds added more than $ 25 million on Friday. This increase brought cumulative gains from four weeks to more than $ 855 million. This is a sign that there is still demand for investors.
Another reason for the rally is that Circle launched a very successful IPO, which has pushed its valuation over $ 20 billion. Gemini and Kraken should now launch their IPOs later this year.
Read more: Prediction of the Circle shares course: is CRCL a good purchase today?
Bitcoin Cup and graphic model
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In addition, Bitcoin and Altcoins jumped because BTC formed the pattern of the cup and the sleeve, pointing to more gains.
The graph shows that the upper side of the cut was at around $ 108,877 and its side less than $ 74,553, which gives it a depth of $ 34,300. It now forms the handle section. An bullish escape above the upper side will cause more gains, perhaps at the point of resistance at $ 142,000.
Consequently, a clear upper break for Bitcoin will indicate more gains among other altcoins.
