Bitcoin is Poised to Continue Surging as Recent Altcoin Rally Pauses

Bitcoin is Poised to Continue Surging as Recent Altcoin Rally Pauses:

(NewsBTC) Bitcoin recently posted what is widely described as a so-called “blow-off top” when it rallied to highs of $28,500 before facing an instant rejection that sent it tumbling down to $26,000.

The support at this level was significant and has proven to be a strong base it has since rebounded off. As such, the possibility of its latest leg higher being a bearish blow-off top appears to be invalid for the time being.

The consolidation trend seen in the time following its rebound from its recent lows has given rise to a surge in altcoin prices, with Ethereum leading the way as Bitcoin’s smaller peers try to gain ground against it.

Today these rallies have generally taken a pause, which could mean that Bitcoin is on the cusp of resuming its uptrend and surging significantly higher.

One trader thinks that this is a realistic possibility, noting that he is watching closely to see if the benchmark crypto can make a push past the mid-$28,000 region in the near-term.

If broken above anytime soon, this would open the gates for an explosive surge towards $30,000.

Altcoin Rebound Pauses as Bitcoin Begins Flashing Strength 

At the time of writing, Bitcoin is trading up just under 4% at its current price of $27,200. This marks a notable surge from recent lows of $26,000.

The strength that the cryptocurrency has seen since it peaked at $28,500 is impressive and may result in it seeing continued upside.

After peaking, its decline proved to be beneficial for altcoins, with Ethereum rocketing past $700 and taking many other smaller cryptocurrencies with it.

Continue to read the full report at NewsBTC.