HomeTradingBitcoin on the rise in pursuit of the $8,500

Bitcoin on the rise in pursuit of the $8,500

October kicks off well: nearly all of the cryptocurrency sector is now in positive territory. Bitcoin is on the rise, although there are also strong gains among the first 15 cryptocurrencies. 

Source: COIN360.com

Bitcoin, Ethereum and Ripple are showing a 6% rise, Bitcoin is even pushing close to 7% with prices climbing and trying to resume the 8,500 dollars after the dangerous sinking in the night between Sunday Monday to 7,700 dollars.

October starts with good hopes, trying to put behind the worst September of the last 8 years. It was since 2011 that the month of September did not record falls of more than 20%. In 2011 bitcoin closed the month with a loss of more than 25%, while in 2019 it lost 20%.

Cosmos chart by Tradingview

Among today’s best increases there is Cosmos (ATOM) which gains 15%. EOS and TRON are also doing well with double-digit rises of 10%.

Among the top 15, the only one hesitant is the LEO token with a rise of about 1%.

On the opposite side, Zilliqa (ZIL) stands out among the negative performances, with a loss of 2%.

The total capitalisation remains at 220 billion dollars, levels still far from 300 billion, a share that would give a positive signal for the medium term. In any case, on CoinMarketCap the positive trend continues with regard to the growth of the number of cryptocurrencies, which have become 2,900, highlighting the favourable period of the sector, with a rate of 100 new tokens per month.

Bitcoin remains just above the 66% dominance threshold. The rise in the price does not increase the market share of Ethereum and Ripple, which remain close to the maximum percentage of the last month.  

Bitcoin chart by Tradingview

Bitcoin (BTC)

Bitcoin is on the rise, trying to recover the 8,500 dollars, a level that technically leads to aspiring to a possible extension to 8,700-8,800 dollars, technical levels that in a monthly perspective could begin to give the first comforting signals. Levels that would attract again the appetite for new purchases are the 9,200-9,500 dollars, which throughout the summer have been supportive against any bearish attack and now have become a very important resistance for the continuation of the rise in the coming weeks, until the end of the year.

The upward watershed area remains at 9,000-9,500.

If the current bullish reaction is not confirmed in the next few days, the weekend lows of $7,700-7,600 remain crucial. In the event of a break-in this support base, the fear of seeing further stretches towards $6,800-6,500 remains very high. 

Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum also benefits from the bullish structure under development. It is positive to see the price of Ethereum test the 175 dollars, a level that in the previous weeks has been tested several times and that had held up until the last bearish drop of recent days. 

For Ethereum as well, the $175 support now becomes resistance. A possible extension above this threshold would increase the probability of reviewing the 200 dollars in the next few days. 

Ripple chart by Tradingview

Ripple (XRP)

Ripple resumes the 26 cents of dollar trying to reverse the trend of the last period after the mid-September illusion that saw the prices of Ripple rise to 30 cents of a dollar.

After last week’s sinking led to updating the lows of the last two years, Ripple is now trying to lay the foundations for attacking the $30 cents again.


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. 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".