Bitcoin

Bitcoin Preparing a Charge at $27K While Altcoins Mostly Flat (Market Watch)

1 Mins read

The cryptocurrency market has remained mostly flat for the past 24 hours, and Bitcoin has been unable to make a move throughout the period. However, this might as well be a stepping stone and a preparation for an attempt at $27K.

Most of the altcoins have remained flat with certain exceptions, so let’s dive in.

Bitcoin Preparing for $27K?

Bitcoin’s price has failed to produce anything of substance throughout the past 24 hours and remains largely situated around where it was trading yesterday – at around $26,500.

Screenshot 2023-09-17 at 11.36.35
Source: TradingView

That said, according to the co-founder of Glassnode, $27K seems to be the next resistance to overcome, while there might be some selling pressure induced by profit booking at around $27.4K and later at $28.2K, if the cryptocurrency is to reach that level.

All in all, he seems to believe that the current increase in Bitcoin’s price will ultimately lead to another test of the coveted $30K level.

Altcoins Flat, TON Continues to Rip

Altcoins also failed to deliver any action in the past 24 hours, which is perhaps to be expected, given that the market tends to be slower on the weekend.

Ethereum, XRP, SOL, TRX, ADA, DOGE, BNB, and many other leading cryptocurrencies are all charting very slight changes below 1% in either direction, as seen in the heatmap below.

Source: Quantify Crypto

The most obvious example of the above is TON, which continues ripping and is up another 12% in the past 24 hours. The cryptocurrency has consistently been among the best performers in the past week. It’s up almost 40% for the week.

Axie Infinity’s AXS token is today’s worst performer, down about 6.4%, followed by Kaspa’s KAS, which is down 5.5%.

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Cryptocurrency charts by TradingView.


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