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What new factor has pushed up the price of cryptocurrencies? 

The new factor that pushed up the price of cryptocurrencies

  • 7 December 2020
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According to Cryptocurrency market news and analysis of the Minerland, several Altcoins underwent drastic corrections as the Bitcoin price tried to remain over $ 19,000.

A few years ago, the price of Bitcoin (BTC) was governed by whales because the cryptocurrency market was not deep enough and relatively flawless. If all the whales were selling, anyone wouldn’t want to buy and sell. Likewise, the coordinated purchase of whales easily pushed up prices.

The situation is different now. It seems that when organizational investors enter the market, whales gradually lose their influence on the price of bitcoin. The Grayscale Investments reportedly bought about twice the amount of bitcoins mined in November 2020. Deposits under Bitcoin Grayscale management have now reached more than $ 10.5 billion due to the continued inflow of corporate capital.

In the following, we analyze the charts of the top 3 cryptocurrencies to determine the level of significant support from which the price may return.

BTC / USD chart

BTC / USD chart

What are the effects of the uptrend of Bitcoin?

The price of Bitcoin (BTC) is rising and is currently fluctuating near the resistance area in the range of $ 19,500 to $ 20,000. The bears are defending the area aggressively, but the positive sign is that the bulls have not left many situations.

The only downward trend in the chart is a negative deviation in the Relative Strength Index (RSI). Although this setup is cautious, it cancels out in a strong uptrend, so trading should not be done only with this setting.

The first sign of failure is breaking below the 20-day moving average ($ 18,013) and if the $ 17,200 support is broken, the BTC / USD pair could start a deeper modification.

BTC / USD chart

ETH / USD chart

What do the analysts think about the ETH trend?

Over the last few days in the ETH / USD chart, Ether has been trading near the $ 622,807 upper resistance. Accurate integration near resistance is usually a positive sign. It seems that bulls are not making a profit because they expect this uptrend to renovate.

If the bulls could keep the price higher than $ 560, the probability of failure in the resistance zone increases from $ 622,807 to $ 635,456. In the up of this area, the ETH / USD pair can regain the uptrend and reach $ 800.

If the price falls below the 20-day moving average ($ 548), it indicates that the uptrend has become weaker. Beneath this area, the currency pair may fall to $ 488,134.

XRP / USD chart

XRP / USD chart

What effect has the uptrend of BTC had on the price of XRP?

In the XRP / USD chart, XRP is observing an ascending trend. This altcoin has fallen below the movement line. XRP could fall to a 20-day moving average of $ 0.521. But if the bears cause the price to fall below $ 0.574, .

In the upward trend, bulls often buy the 20-day moving average price drop. If the price returns from the 20-day moving average, this indicates that the trend is still bullish. Buyers then try to push the price above the downward trend line.

If they succeed, the XRP / USD pair could reach $ 0.6794 and after that to $ 0.780574. If the bears caused to fall under the 20-day moving average, maybe a deeper modification to $ 0.4365 is happen.

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