Cryptocurrency market failed to see sharp bearish price action yet again this month. While the trend in recent past was for bulls to see multiple dead cat bounce scenario, Off-late bears have learned to imitate bulls price action from recent past. During Thursday’s trading sessions bears managed to finally gain a solid upper hand. This resulted in Bitcoin and other major cryptos seeing a sharp decline below psychological price levels. While major crypto coins saw consolidative following the sharp declines, the next leg of downside move failed to materialize.
Increased Mining Activity Likely Provides Positive Support To Crypto Bulls
The bears had a solid from a fundamental perspective owing to headlines from the recent past. There have been multiple headlines and events which could be touted as highly bearish in nature over the last two weeks. This suggests that today’s rebound price action is a clear sign of bears being incapable of sustaining a rally. Increased adoption and acceptance of cryptocurrency in the real world is providing stable fundamental support to crypto market bulls. Further, news of increased hash rate which hints at increased mining activity is also a positive sign for the cryptocurrency market. This gave crypto bulls which already have solid fundamental support a bullish boost.
A rally established with strong support from fundamentals took full advantage of current market scenario posting solid gains today. As of writing this article, BTCUSD pair is trading at $4005.7 up by 0.59% on the day while ETHUSD pair is trading at $137.44 up by 1.06% on the day. While Bitcoin and major legacy cryptos have managed to reclaim most of the previous session declines, they are yet to completely recover. Bulls currently show high strength in the market. Also, there is the fact that the trading session in the crypto market will also continue on weekends. Moving forward, Bitcoin & legacy crypto coins are likely to see positive price action in immediate and near future trading sessions.
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This article was originally posted on FX Empire
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