After updating the BTC maximum, the market keeps a positive sentiment

After updating the BTC maximum, global growth still is the most likely scenario for the market situation development. There are no signs of a medium-term reversal, and alternative coins are in the wake of market leaders and will strive for their nearest reversal areas, 8848 Invest’s analyst Mark Sorokin says.

As was expected before, BTC, ETH, and many other coins updated their historical highs last week. Although many altcoins haven’t yet reached their record levels, generally it remains only a matter of time for them.

‘After the overhigh, a natural rollback has begun. The volumes distribution to the nearest sources of support has begun. Trading volumes were quickly redistributed, and a new liquidity set has begun on the weekend,’ the expert notes.

Thanks to this, the rates of the major coins went up again. Shortly, BTC, E, LTC, XRP, and other coins should be expected to reach their local reversal areas. It will be followed by another pullback for a liquidity set, and only after that — quit out to a new maximum.

BTC is approaching its historic high

‘The scenario of global growth is still the most likely. There are no signs of a serious medium-term reversal, while the volumes that were locked from above remain quite small. They were only enough to create the last growing momentum,’ says Mark Sorokin.

Currently, trading volumes are actively gaining, and shortly, we are expected to update the BTC, ETH, and other key digital currency’s highs. Alternative coins are in the wake of the market leaders and will strive for their nearest reversal areas.

The actions of the Chinese authorities have had a positive impact on the market

‘We can say the market dynamics keep positive, while there are no significant fundamental factors and technical ones play a key role. The market is directed towards buyers, so generally, we’re waiting for further growth of the key market tool,’ the expert concludes.