Cryptocurrencies Rally Amid Israeli Attacks on Gaza
Despite ongoing Israeli attacks on Gaza, cryptocurrencies are experiencing a rally. Bitcoin, in particular, is surpassing the crucial 200-week moving average and steadily increasing in value. Currently facing resistance at around $29,250, bitcoin is leading the way as most other cryptocurrencies are also seeing gains.
An Unexpected Bitcoin Rally
Bitcoin continues to defy expectations and surprise financial analysts. Those entrenched in traditional finance must be astonished and horrified as this cryptocurrency asset consistently proves its skeptics wrong.
Source: Trading View
A Crucial Level Reached
However, this rally faces a critical test. The resistance level is formidable, with support and resistance points dating back to January 2021. Additionally, there is the possibility of a bearish head and shoulders pattern that could potentially drive bitcoin back to its base at $19,000.
Despite these challenges, investors who fear market meltdowns and equity crashes are turning to bitcoin as a safe haven outside the traditional monetary system.
If bitcoin manages to break through this resistance level, it could target the local high set in mid-July or even reach the top of the current upward channel at around $34,000.
Rising Bitcoin Dominance
Bitcoin dominance is on the rise, currently representing 52.5% of the entire crypto market cap. Meanwhile, USDT dominance has fallen below its upward trendline since November 2021 but remains above the 200-week and 50-week moving averages. A significant drop below these averages could result in a substantial decrease in USDT dominance.
Ethereum’s Role in the Rally
Surprisingly, Ethereum has not played a significant role in this crypto upsurge. However, it is currently at a critical juncture in its BTC pair, where the price intersects with both the upward trendline and strong support. If Ethereum can hold at this level, a potential bounce may occur.
Hot Take: Cryptocurrencies Rally Amidst Geopolitical Tensions
Despite the escalation of Israeli attacks on Gaza, cryptocurrencies, led by bitcoin, are experiencing a surprising rally. Bitcoin’s ability to surpass key resistance levels and maintain an upward trajectory continues to defy skeptics within the traditional financial system. This rally faces a critical test, but investors seeking refuge from market volatility are turning to bitcoin as a safe haven. As bitcoin dominance rises and USDT dominance falters, the overall crypto market landscape is evolving. Ethereum has yet to play a significant role in this rally but finds itself at an important crossroads. Overall, cryptocurrencies remain resilient amidst geopolitical tensions.
By
By
By
By