Bitconnect Coin is still in a wedge pattern consolidation versus bitcoin, as downside pressure on the latter might eventually spur an upside break. Price has formed higher lows and has just bounced off support again.
A break past the resistance at 0.0240 could mean a sharper rally for Bitconnect Coin. After all, bitcoin has been under heavy selling momentum due to speculations that the bubble is starting to burst. The nature of cryptocurrency markets could exacerbate this selloff until a positive industry catalyst is seen.
At the same time, dollar demand and the foreseen end of the easy monetary policy are weighing on bitcoin as traders rush to liquidate their holdings. A lot of these speculative positions have been from additional liquidity in the markets and draining this stimulus could dampen investment activity.
The strong US NFP report has fueled speculations of another Fed rate hike, even as some policymakers have urged caution when it comes to restricting inflation. Traders now turn to Fed head Yellen’s upcoming testimony to gauge any bias changes.
Apart from technical factors, though, there’s very little supporting the idea of more gains for bitcoin against its cyrptocurrency rivals these days. BitConnect Coin reached the Top 20 of altcoins recently. It is an open source, peer-to-peer, community driven decentralized cryptocurrency that allow people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment.
This means anyone holding BitConnect Coin in their wallet will receive interest on their balance in return for helping maintain security of the network. This altcoin has a market cap of $287,599,260 with a circulating supply of 6,699,432 BCC and an available 28,000,000 BCC. Its 24-hour volume is $2,197,900.
Zooming out to longer-term time frames reveals that Bitconnect Coin is still in a pretty solid uptrend against bitcoin so there’s potential for more gains from here. Price is also moving above a rising trend line support since June 13, but if this breaks, bears could regain the upper hand and push for more gains in bitcoin instead.
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