Bitcoin continues its advance following yesterday’s recovery above $7,500. Traders brushed aside news of the Upbit exchange hack and focused on positive regulatory news from Switzerland and growing trading volumes from Bakkt’s BTC futures exchange.
The broader cryptocurrency market is largely following BTC/USD moves, with 0x and TRON currently the top performing cryptocurrencies inside the top 20. Matic Network continues its recent range after a multi-day breakout, with the cryptocurrency adding over 75 percent to its value since Nov. 24.
The total cryptocurrency market capitalization is now $198 billion, an increase of 4.6 percent from Wednesday open.
Bitcoin
Bitcoin should remain well-supported while trading above the $7,380 level. The one-hour time frame continues to show that an inverted head and shoulders pattern in play with an $800 upside projection.
Short-term technical resistance is now located at the $7,700 level, with the $8,000 and $8,200 levels the strongest forms of intraday resistance above. Buyers ideally need to rally the price above the $8,550 level in order for the cryptocurrency to resurface above its 200-period moving average on the four-hour time frame.
Matic Network
The recent range breakout in the MATIC/USD is a major technical development for the cryptocurrency, attracting a wave of new technical buying and interest among traders. The price briefly came down to test the range break and then reversed sharply, providing confirmation that the breakout is genuine.
Near-term upside objectives for bulls are located at the $0.0265 and $0.2720 level. It is noteworthy that Matic Network’s all-time trading high is still eighty percent higher than its current trading value.
Overall Sentiment
According to the latest data from The TIE, sentiment toward the cryptocurrency market has improved to 59 percent. Binance Coin has the strongest sentiment among the top 10 cryptocurrencies at 68 percent. Meanwhile, Stellar Lumen has the weakest at 33 percent.
The post Bitcoin Recovery Continues, Tron and 0x Lead, Matic Surges appeared first on Crypto Briefing.
source https://www.tokentalk.co/Crypto Briefing/bitcoin-recovery-continues-tron-and-0x-lead-matic-surges-5de058f1bc03c1ea1cc23ee3
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