In the past 24 hours, despite there were many negative predictions done many traders, but bitcoin price has remained above the crucial $7,000 resistance level, allowing the crypto market to add $8 billion to its valuation.
Many cryptocurrencies have performed well throughout the year like Dash, Verge, Monero, and EOS are the best performing cryptocurrencies of September 1, recording strong gains in the range of 7 to 12 percent.
Tokens with large daily trading volumes like Ontology, ICON, VeChain, Binance Coin, Tron, 0x, and Zilliqa have not demonstrated massive gains against Bitcoin. Throughout August, these tokens frequently recorded big movements depending on the performance of Bitcoin.
But many Expert traders thought that Bitcoin may go down on 31st August. Many traders echoed a similar sentiment as Brandt, stating that for Bitcoin to reverse its trend to initiate a mid-term rally, a longer period of stability is necessary. Brandt said:
“In 43 years of trading, I have never seen an 82% decline end and be reversed with a 2-week bottom. I do not believe this will be the first time, but with cryptos, anything is possible (though not probable).”