Bitcoin Markets Dominate by 57% Commanding a $98 Billion Market Cap
Bitcoin markets are doing better on October 26 as the price reached a high of $5,988 during the early morning hours. Currently, bitcoin’s market value is hovering between the $5850-$5,900 range after meeting some resistance above $5,950. At the moment, bitcoin trade volume is strong with $1.9B worth of BTC traded over the past 24-hours. A vast majority of the BTC trade volume still stems from Japan as the yen encompasses roughly 66 percent of bitcoin’s global volume. The USD is capturing 21 percent of the global trade volume at the time of writing, with the rest of the state-issued currencies sharing the leftovers. The top five exchanges pushing massive bitcoin volumes right now are Bitfinex, Bithumb, Bitflyer, GDAX, and Hitbtc. Alongside this, most altcoin markets are in the green, but bitcoin dominance is capturing a 57 percent share out of all the cryptocurrency market caps.
Technical Indicators
It’s likely we will see some consolidation over the next 6-12 hours between the $5,800-$6K range, and we could see a spike above these levels. If a sell-off ensues, the drops could see targets between $5,600-5,700 temporarily.
Bear Scenario: If bulls start getting tired and can’t push past or consolidate within its current region a drop to $5,700 could be in sight. The market could drop further percentages as well, as order books show a decent floor, but it could give way if there’s enough selling pressure. If so there is another substantial wall that will keep things steady between the $5,400-5,500 range.
Bull Scenario: We can still expect some buy pressure from traders stocking up on bitcoin pre-fork. Fibonacci extension levels at 61.8 percent still indicate a high of $6,500 to $7K could easily happen before the November event. At the moment buy pressure is strong, but traders should expect the value to consolidate over the short term. We could very well see another spike over the weekend.