Bitcoin price rallies back above $8,600 as altcoins follow

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Bitcoin’s (BTC) price rebounded yesterday, spiking by $400, in a few hours as the altcoin markets rallied along with BTC.

Bitcoin price bounces back

The world’s number one cryptocurrency rallied from its intraday low of about $8,200 to as much as $8,600, recording impressive gains of over 5% in 24 hours. At the time of writing, BTC is trading at $8,589.33, up by 4.46% as per data from CoinMarketCap.

Furthermore, the altcoin markets, for the most part, are all spiking in unison with BTC with several seeing double-digit gains.

Bitcoin’s price saw a break above the key $8,500 resistance area yesterday. Moreover, many crypto analysts have stated that a possible bounce back to further highs is possible, as long as BTC remains above the $8,000 support area and the 100 hourly simple moving average.

Yesterday saw a new weekly high form for BTC at $8,691 and the price is currently consolidating gains. It has since begun correcting below the $8,600 level. Moreover, the current 23.6% Fib retracement level of BTC’s recent rally from the low of $8,124 to the intraday high of 8,691 high is acting as a decent support.

Furthermore, there is a short term breakout pattern developing with support close to $8,540 on BTC/USD’s hourly chart.

Altcoin markets rally with BTC

Ether (ETH), the world’s second-largest crypto, followed in BTC’s footsteps, rallying to see a 5.82% gain, trading at $193.01 at the time of writing. XRP is also up, by a modest 0.11%, to trade at $0.277610. Bitcoin Cash (BCH) managed to rally by 2.04%, changing hands at $237.27.

The only top ten cryptocurrency seeing a loss today is Tether, which is down by 0.38%. Litecoin (LTC) has spiked by 2.30%, selling at $58.93, EOS is up by 0.46%, trading at $3.19 and Binance Coin (BNB) has spiked by 4.85%, trading at $17.53. Bitcoin SV (BSV) has seen a fantastic 7.90% rally, sending the Bitcoin fork coin to trade at $90.98 and lastly, Stellar (XLM) is up by 1.05%, trading at $0.062924.

Remember to check in again at 14:00 for your daily cryptocurrency news and prices.