Bitcoin Price Is on the Verge of Breaking 7-Month Downtrend

Bitcoin price is hovering below resistance and trendline

The chart of Bitcoin is showing an apparent breakthrough in the $7,600 level. After this upwards breakout, the price started to rally towards the next resistance zone, found at $8,400. This is also the downwards trendline (blue diagonal line) at which the price is currently hovering.

Total market capitalization aiming to break out of the downtrend

Altcoins flipping necessary USDT levels as support

How are altcoins performing recently? They are doing reasonably well against their USDT pairs. If people want to trade altcoins, it’s compulsory to use both BTC and USDT charts as that would give a clear view of the movements of the coin.

Altcoin market capitalization showing similarities with February 2019

Bullish scenario Bitcoin

At this point, there are two simple scenarios that are likely to happen for the current Bitcoin price action. Let’s start with the bullish one first.

Bearish scenario Bitcoin

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