Despite many doom-laden predictions of bargain hunters, it looks like Bitcoin (BTC) will not fall to the $7,500 level (at least in the short-term).
The crypto king saw a 7.83 percent price increase over the last 24 hours, according to CoinStats data.
Bitcoin bulls staging a revival
As reported by U.Today, BTC registered a weekly close below the pivotal $8,000 level, which could be a precursor to more selling pressure. After dipping to a local bottom of $7,710 (it’s the lowest point in 3.5 months), the price managed to rebound, surging to $8,400 on Oct. 1.
At the time of writing, the top coin is changing hands at $8,439 after ending its two-quarter winning streak.
XRP on the verge of a trend reversal
Speaking of the broader market, altcoins are also in the green. Tron (TRX) and EOS (EOS) are in the double-digit territory, surging by 12.82 percent and 11.01 percent respectively.
According to crypto trader Luke Martin, Ripple’s XRP is inching closer to form a rounded bottom. Once this pattern is complete, traders should expect the XRP price to break out given that it would confirm a trend reversal.
$XRP moving higher, continuing to form rounded bottom.— Luke Martin (@VentureCoinist) October 1, 2019
This is more than a technical story. The SWELL narrative should be a positive force for the next ~30 days.
My favorite major alt chart for October: pic.twitter.com/bVB8998ASj
Unlike Bitcoin and some of the top altcoins, XRP barely registered some gains in Q2 and reached a new yearly low in Q4.