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7 October 2022
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Price Analysis

Bitcoin rises $ 600 in value within 24 hours

The bitcoin price has risen sharply in the past 24 hours. The resistance zone at $ 7,000 was broken without too much effort, and bitcoin then surged further! At the moment, however, the altcoins are showing particularly strong increases, with ethereum as the biggest riser of the top 10.
Bitcoin increases in value by almost 9 percent

About 24 hours ago, bitcoin was still around $ 6,850. During the day, however, the resistance at $ 7,000 was broken quite quickly. Ultimately, a high of $ 7,461 was hit on cryptocurrency exchange Coinbase last night.
In short, bitcoin was able to increase in value at $ 610, representing a 9% increase! At $ 7,400, the next resistance is as expected. The price has turned down, making bitcoin worth $ 7,341 on Coinbase right now. That bitcoin could not continue is not surprising after such a rapid rise. For example, the Relative Strength Index (RSI) on the 4-hour and hourly charts landed deep in the overbought area.

At this point, the $ 7,400 remains the next hurdle. At this price level there is also the resistance line of an increasing wedge pattern in which BTC has been trading since 20 March. Should the $ 7,400 be breached at some point, the next hurdle is likely at $ 7,600.

Ethereum 15 % in the plus

Not only with Bitcoin there were nice increases, the altcoins are also thick in green. The biggest riser of the top 10 at the moment is ethereum. The largest altcoin is now worth $ 171.70 after rising more than 15% in value. Ripple (XRP) is also on the plus side. XRP is now worth $ 0.1990 after a 8.2% increase.
Other notable risers are Binance coin (BNB), which is up 13.2% and worth $ 15.10, and tezos (XTZ), which is up 14.3% and worth $ 1.97.

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