Bitcoin Price Stalls at $9,300, Altcoins Rally to New Multi-Year Highs
As Bitcoin price stalled at $9,300 again, altcoins capitalized on the sideways price action to rally to new multi-year highs.
Within the last few hours Bitcoin (BTC) price pushed above $9,300 after struggling to hold the $9,300-$9,400 level for the past three days.
The move was accompanied by a notable surge in purchasing volume which is exactly what is needed given that on July 6 and 7 the Bitcoin price formed a tweezer top and rejected at $9,374.
Crypto market weekly price chart. Source: Coin360
Currently the price trades slightly above the 20-MA and the descending trendline from the local high at $10,377 on June 1 but Bitcoin’s failure to hold the $9,300 level means that a shot at $9,600 remains out of reach.
BTC USDT daily chart. Source: TradingView
Aside from the need for Bitcoin price to set a higher high above $9,374, the VPVR shows a high volume at $9,450 so bulls are not out of the woods yet.
Traders will be watching to see if the price can secure a 4-hour close above $9,300 and if Bitcoin can push through the $9,450 level then a surge to $9,600 is likely.
If Bitcoin price fails to hold $9,300, the 4-hour time frame shows support at $9,225 and below this at $9,000.
Bitcoin daily price chart. Source: Coin360
As Bitcoin price slowly worked its way through resistance to $9,300, a handful of the top-50 altcoins posted strong double-digit gains. Cardano (ADA) reached a new 2-year high by rallying 26% to $0.13.
Chainlink (LINK) also rallied 6.11% to a new all-time high at $5.99. VeChain (VET) was another top performer for the day with a 21.6% rally.
According to CoinMarketCap, the overall cryptocurrency market cap now stands at $271.3 billion and Bitcoin’s dominance rate is 63%.Keep track of top crypto markets in real time here
let us know if you have other interesting news about this topic or other interesting crypto news. Take a look at our useful collection of bitcoin videos and learn more about Bitcoin and Blockchain. Investing in Crypto can be very profitable but always make sure you’re keeping your coins safe and keep being informed reading our latest news about cryptocurrencies.
You’re invited to share your opinion about this news “Bitcoin Price Stalls at $9,300, Altcoins Rally to New Multi-Year Highs” by adding your comment bellow. Let’s keep this discussion civilized with a non-offensive language.