Over the weekend, the cryptocurrency market saw a significant surge, with the price of Bitcoin (BTC) reaching a new multi-month high of around $31,000. This has also led to a rise in the total market capitalization, which now stands at $1.19 trillion, its highest level since mid-August.
The bullish momentum in Bitcoin was further supported by a strong weekly candle close, which erased all losses from the past two months. Analysts have noted that this weekly close is significant as it signifies a reclaiming of the price level from which the market broke down nearly two months ago. This breakdown had led to a major liquidation event. If there is a clean retest of the green zone, it could pave the way for further upward movement in BTC.
Bitcoin’s dominance in the market has also increased, standing at over 52%, its highest since April 2021. Analysts believe that this indicates a potential massive breakout for Bitcoin and expect dominance to rise even further before shifting back to a downtrend.
MicroStrategy, a company that holds a massive $4.6 billion Investment in Bitcoin, has seen its investment return to profitability with Bitcoin’s 11% gain over the past week. However, traders have identified a head and shoulders pattern in Bitcoin’s price chart, which could lead to another downside if it plays out.
While Bitcoin recorded a 2% daily gain, several altcoins witnessed double-digit price surges. However, analysts have noted that these pumps in a few altcoins are not the norm and have barely made a dent in Bitcoin’s dominance.
Among the notable Altcoin performances, Chainlink (LINK) surged by a whopping 17% in the past 24 hours and is now up 44% over the past seven days. AAVE also gained 11% in a day, reaching $78.90, though it has returned to resistance levels seen earlier in 2023. Fantom (FTM) and Polygon (MATIC) recorded gains of 11% and 9% respectively, reaching their highest prices since the market dump in mid-August. Aptos (APT) also gained a similar amount to reach $6.20, its highest since mid-August.
In conclusion, the cryptocurrency market experienced a significant surge over the weekend, with Bitcoin reaching a new multi-month high. This has led to an increase in market capitalization and Bitcoin dominance. While Bitcoin saw a solid weekly close, there are indications of a potential downside if a head and shoulders pattern plays out. Additionally, some altcoins have witnessed substantial gains, though they have not significantly impacted Bitcoin’s dominance..
#Bitcoin #Price #Shoots #31K #Altcoins #Flying
The bullish momentum in Bitcoin was further supported by a strong weekly candle close, which erased all losses from the past two months. Analysts have noted that this weekly close is significant as it signifies a reclaiming of the price level from which the market broke down nearly two months ago. This breakdown had led to a major liquidation event. If there is a clean retest of the green zone, it could pave the way for further upward movement in BTC.
Bitcoin’s dominance in the market has also increased, standing at over 52%, its highest since April 2021. Analysts believe that this indicates a potential massive breakout for Bitcoin and expect dominance to rise even further before shifting back to a downtrend.
MicroStrategy, a company that holds a massive $4.6 billion Investment in Bitcoin, has seen its investment return to profitability with Bitcoin’s 11% gain over the past week. However, traders have identified a head and shoulders pattern in Bitcoin’s price chart, which could lead to another downside if it plays out.
While Bitcoin recorded a 2% daily gain, several altcoins witnessed double-digit price surges. However, analysts have noted that these pumps in a few altcoins are not the norm and have barely made a dent in Bitcoin’s dominance.
Among the notable Altcoin performances, Chainlink (LINK) surged by a whopping 17% in the past 24 hours and is now up 44% over the past seven days. AAVE also gained 11% in a day, reaching $78.90, though it has returned to resistance levels seen earlier in 2023. Fantom (FTM) and Polygon (MATIC) recorded gains of 11% and 9% respectively, reaching their highest prices since the market dump in mid-August. Aptos (APT) also gained a similar amount to reach $6.20, its highest since mid-August.
In conclusion, the cryptocurrency market experienced a significant surge over the weekend, with Bitcoin reaching a new multi-month high. This has led to an increase in market capitalization and Bitcoin dominance. While Bitcoin saw a solid weekly close, there are indications of a potential downside if a head and shoulders pattern plays out. Additionally, some altcoins have witnessed substantial gains, though they have not significantly impacted Bitcoin’s dominance..
#Bitcoin #Price #Shoots #31K #Altcoins #Flying
