Bitcoin rises today and seeks new records
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Bitcoin rises today and seeks new records

By Federico Izzi - 10 Jul 2019

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Bitcoin rises today, and BTC it is the only green sign this morning among the top 10. Bitcoin continues to demonstrate its resilience and willingness to recover from the 2019 records set three weeks ago. Today the price of bitcoin rises 2% from yesterday’s levels, reaching for a few minutes above the threshold of $13,100, a step away from the record of June and the last year and a half, as these levels were abandoned in January 2018.

In terms of weekly performance, Bitcoin proves to be among the best in the top 30, with an increase that leads it to set a + 15% from last Wednesday’s levels. Among the positive weekly signs, there is also Ethereum (now down 2%) which rises by more than 4.5%. 

With a similar bullish performance of Ethereum, there’s also TRON, which marks a +4.5%, despite the recent tension caused by the news of the police raid at the Chinese headquarters. Monero’s weekly performance was also positive with +9%.

Source: COIN360.com

The day marks red signs for 65% of cryptocurrencies. Today’s best performance is that of Ren (REN), in 94th position and with an 82 million market cap, which rises more than 30%, followed by Xmax (XMX) and Waltonchain (WTC) rising 20% from yesterday morning levels.

On the opposite side, the most noticeable falls are those of Aurora (AOA), which falls 20%, followed by Quant (QNT) and Dent (DENT), which fall 10%. 

Capitalisation goes over 350 billion dollars, thanks to bitcoin’s strong performance. BTC’s dominance continues to rise and exceeds 65% of market share, levels not seen since April 2017. This weighs on Ethereum’s dominance, which falls below 9.5%, the lowest levels of the last two months, and weighs further on Ripple’s market share, which falls close to 4.7%, levels that XRP had not recorded since December 2017: a debacle both in terms of price and market share.

Ripple chart by Tradingview

In fact, in terms of price, Ripple is unable to maintain its 40 cents level, an area where it is still fluctuating today, and which has become its centre of gravity since last mid-May after more than five months in which this level was abandoned.

Bitcoin chart by Tradingview

Bitcoin (BTC)

Also today, Bitcoin shows the desire to continue to rise, but it is necessary for prices to push over 13,400 dollars in the next few hours. This level of static resistance in the medium term could attract further purchases that have returned in the last 48 hours but not with the same intensity as at the end of June.

The current bullish movement from the lows of July 2nd has seen prices recover by 30%. In order not to prove to be a short-term technical pullback, it is necessary for bitcoin to go over 13,500 dollars. Otherwise, it will be important to hold the $12,000 area and the technical level of $11,000. Only a return below $10,000 would set off some level of alarm.

Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum tries to keep up with bitcoin’s uptrend even though it is hard to achieve the same intensity as BTC. After the rise that began on Sunday afternoon, prices seem to be consolidating above the technical and psychological threshold of $300, a level that must be maintained for the next few hours and days in order to return to attack the $325. 

Otherwise, a return below $280 would weaken the bullish trend that Ethereum has been maintaining since last April.

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. Since May 2017 he is officially a Bigbit technical analyst. He was interviewed as a #cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on #Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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