Summary:

• Bitcoin surges higher by 15% 
• Market attempting to recoup last week’s declines
• Dash hits all-time high after block size upgrade

We earlier noted that Bitcoin has experienced a sharp decline since hitting an all-time high last Wednesday, but today’s session has seen the market attempt to recover. Price is now higher by some 15% on the day as the Bitcoin bulls don’t appear ready to give up the ghost easily. 

Support and resistance levels have been playing out nicely in the market in recent sessions with a break below the 7080 support on Friday leading to the major declines seen over the weekend (remember that unlike FX pairs cryptocurrencies trade over the weekend on xStation). 

 BTCUSD has now recpatured the 6480 level and this could act as important support going forward. Source: xStation

The market hit a low just below the 5500 level on Saturday but a second attempt to push further lower on Sunday saw buyers step in and a higher low was formed. Since then price has looked to retrace the decline and 6480 was broken above around lunchtime. This area had twice been rejected and now the market finally recaptured this level more upside may lie ahead. Prior support at 7080 may now become resistance whilst prior resistance at 6480 may now become support – this level has been retested and successfully held in the past couple of hours.  

Whilst Bitcoin has attracted the Lion’s share of attention in crypto space in the past few days there’s been some major moves seen in Dash. The market surged higher yesterday on news that Dash had already begun the process of activating a block size upgrade on its own network, boosting blocks to 2MB – as SEGWIT2X was attempting to do for Bitcoin. 

The bigger blocks come as part of a network-wide upgrade to version 12.2 of the Dash software. The changes will help pave the way for Dash Evolution, expected later next year with the upgrade aiming to make cryptocurrency use so simple that “even your grandma could use it”. 

 Dash soared to an all-time high of 493 earlier today but there has been a notable drop since. Source: xStation

The news was greatly cheered by investors with the price of Dash surging to an all-time high at 493. The market had been making steady gains last week after breaking out of a consolidatory triangle going back several months and after breaching prior resistance at 350 the market took off. Price is now retesting the previous all-time peak of 391 from above and this could now act as support.