Bitcoin (BTC) price was targeting $10,500 on Sept. 3 as the latest renaissance for the largest cryptocurrency saw it deliver surprise gains.
Market visualization. Source: Coin360
Bitcoin price reverses losses to challenge $10.5K
Data from Coin360 tracked BTC/USD as it rose 6.2% in 24 hours beginning Monday night. After trailing around $9,700, the pair suddenly broke higher, smashing resistance at $10,000 to reach local highs of $10,480 soon afterwards.
At press time, those higher levels appeared to be holding, with Bitcoin circling $10,400 for the past 12 hours.
Bitcoin 7-day price chart. Source: Coin360
The latest uptick fully reverses the bearish slide seen on markets last week. At the time, BTC/USD lost hundreds of dollars in minutes to produce recent lows of $9,350.
As Cointelegraph reported, analysts then began espying chances of a reversal, which subsequently came true despite heavy pushback from commentators who conversely favored further downside.
Now, the bullish sentiment was continuing, with DTAP Capital founder Dan Tapeiro highlighting one metric in particular — Bitcoin’s DeMarker Indicator — which, he said, suggested more gains.
The DeMarker Indicator uses recent maximum and minimum prices of an asset and compares it to previous periods in order to assess likely market trajectory.
“Today gives its first Demark buy 9 signal since 1/22/19. Previous signal led to 400% rally over 6 months,” he told followers on Twitter Monday. He continued:
“Only second signal of year. 9300 low looking like it was low for this correction. Good r/r to buy and place stop below that low, playing for new 2019 highs.”
Keiser: Craig Wright can trigger Bitcoin all-time high
Others were more brazen in their belief, with RT host Max Keiser even pointing to developments in the court case involving Australian cryptocurrency developer, Craig Wright, as being able to influence Bitcoin markets.
According to Keiser, Wright’s alleged lack of ability to pay the giant $5 billion in Bitcoin ordered by a judge last month will protect markets from selling pressure. A theory currently circulating postulates that the self-confessed creator of Bitcoin does not have notable BTC holdings.
“#Bitcoin market discounting fact that CSW never had the Bitcoin to begin with, so he obviously can’t pay the 1/2 M coins the court is ordering him to. With that potential supply no longer an impediment, we’ll see a quick trip to new ATH,” Keiser wrote.
Do or die for altcoins
Altcoin markets did make modest gains in the wake of Bitcoin’s improved performance. As Cointelegraph reported, however, progress remains limp, which has led critics to double down on their view that the ecosystem may never recover.
At press time, Ether (ETH), the largest altcoin by market cap, traded up 4% on day to hit $178.
Ether 7-day price chart. Source: Coin360
Other tokens in the top ten managed between 1% and 4%, while Binance’s in-house token Binance Coin (BNB) matched BTC.
The overall cryptocurrency market cap, as Cointelegraph already noted, shifted to 70.5% Bitcoin for the first time since March 2017.