Bitcoin bull market is building
Bitcoin has reached a new yearly high of $31,500, indicating that the crypto bull market is gaining momentum. For the market to continue its upward trajectory, Bitcoin needs to maintain its position above this level for a few days. The recent surge in Bitcoin’s price may be attributed to the CEO of Blackrock, who referred to Bitcoin as “digitising gold” and an “international asset.” Blackrock’s filing for a Spot Bitcoin ETF further supports this positive sentiment.
Solana
Despite being labeled as a security by the SEC, Solana has experienced a significant recovery. After hitting a low of $8 in December 2021, it is now showing signs of a possible double bottom formation. The break of the descending trendline today could signal further growth for Solana, as long as the break is confirmed.
Stacks
Stacks (STX) is a cryptocurrency that has received approval from the SEC. As one of the few Bitcoin layer 2s, it enables the development of applications on top of Bitcoin. Stacks recently reached the 0.786 Fibonacci level and seems poised for further upward movement.
Implications for the crypto market
Bitcoin’s current success is likely to have a positive impact on the overall cryptocurrency market. If Bitcoin continues to rise, other cryptocurrencies are likely to follow suit, as long as regulatory obstacles do not hinder their growth.
Hot Take
With Bitcoin setting new highs and influential figures like the CEO of Blackrock expressing support for the cryptocurrency, the bull market seems to be in full swing. Solana and Stacks are two promising cryptocurrencies to watch as they show potential for significant growth. This upward trend in the crypto market is exciting for investors and indicates a positive future for digital assets.
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