Bitcoin is jumping — but the entire crypto market is still ‘trading sideways’ 

Close up 3D illustration of paneled golden Bitcoins

Bitcoin is rallying on Monday morning but is still largely unchanged from where it was on Friday.

Bitcoin is up 8% to $8,732.34 at 8.15 a.m. GMT (3.15 a.m. ET) amid a wider bounce for cryptocurrencies. Here’s how the other major cryptos are looking at the same time:

  • Ethereum is up 6.3% to $862.24.
  • Litecoin is up 6.2% to $158.14.
  • Bitcoin Cash is up 4.8% to $1,267.96.
  • Ripple is up 10% to $1.05, the first time it has been over a dollar in over a fortnight.

Despite the strong performances, they are mostly not that impressive in the context of the weekend. Bitcoin is largely unchanged from where it was on Friday after a choppy weekend.

The London Block Exchange writes in its Monday morning market report: “After a fake breakout above the $8,500 resistance last Friday afternoon, bitcoin finally tested the $9,000 area on Saturday morning, but the attempt was a flop.

“As the mother of cryptoassets flirted with $9,100 and failed to break through, bulls lost trust, and bitcoin started declining until it hit $7,800.

“Taking a step back, since last Wednesday, bitcoin and the majority of alternative cryptoassets have been trading sideways, showing some bullish signs — such as making higher highs and dipping to higher lows — but the market still hasn’t left its rather long downtrend.”

Source: Business Insider – Bitcoin is jumping — but the entire crypto market is still ‘trading sideways’

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