Bitcoin has once again found support around $8,200 after the upwards momentum it garnered from its recent dip into the $7,000 region faltered. It is important to note that BTC\u2019s recent price action is quite similar to that seen a couple of weeks ago, which likely points to the fact that it is currently caught in a trading range between $7,800 and $8,400.<\/p>\n
Although this aforementioned trading range may mark a period of indecisiveness for BTC, one prominent analyst is now noting that he expects multiple altcoins to run white Bitcoin consolidates.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down marginally at its current price<\/a> of $8,200, which marks a slight retrace from its recent highs of just below $8,400.<\/p>\n Bitcoin\u2019s trading range around its current price levels was first formed shortly<\/a> after it plummeted below $10,000 in late-September, and it has failed to post any type of decisive movement in either direction in the time since this dropped occurred.<\/p>\n Over the past couple of days, however, multiple major altcoins have been able to post notable gains, with XRP surging nearly 10% earlier this week while Ethereum and other alts posted gains of over 5%.<\/p>\n Analysts expect this upwards momentum amongst altcoins to extend further in the near-term, with Crypto Loomdart, a popular cryptocurrency analyst on Twitter, explaining that Ethereum is currently pushing up against a key price level against its BTC trading pair, and which direction in trends in the coming days and weeks may be largely based on how it reacts to this level.<\/p>\n \u201c$ETH at an important price here in $BTC terms, fakeout resistance before it plunged. Should get pretty exciting,\u201d he explained.<\/p><\/blockquote>\n $ETH<\/a> at an important price here in $BTC<\/a> terms, fakeout resistance before it plunged <\/p>\n should get pretty exciting pic.twitter.com\/0VG6fL7gW5<\/a><\/p>\n — loomdart – Holy War Arc (@loomdart) October 9, 2019<\/a><\/p><\/blockquote>\n\n