A surprising rally pushes bitcoin higher
The recent dip in the crypto market had many investors expecting bitcoin to continue its downward trend. However, in an unexpected turn of events, bitcoin has experienced a strong rally, with two hourly candles showing a rise of over 3%. This surge has also had a positive impact on altcoins, which were previously suffering.
Will the rally be short-lived?
It remains to be seen whether this rally will continue and push bitcoin to the $44,000 price region, or if it is simply a confirmation of the resistance at $41,300. The resistance level has been revisited on the 4-hourly chart, but there have been no further movements indicating a breakthrough.
Altcoins benefit from the uptick
Bitcoin’s upward movement has breathed new life into altcoins that were previously affected by its downward bias. The total market capitalization of altcoins has risen to $472 billion, up from $461 billion earlier in the day. Some of the standout performers include Near Protocol (NEAR), which saw a 10% increase, Dusk (DUSK), which rose as high as 24% before settling at $0.27, and Ethereum Name Service (ENS), which gained 13%.
However, it’s important to note that bitcoin appears to have stalled at the $41,300 resistance level, which aligns with its bull trend line. This could potentially lead to a rejection. If you decide to trade, exercise caution.
Hot Take: Bitcoin Surprises the Market with a Rally
Contrary to expectations, bitcoin has defied the downward trend and experienced a strong rally. This unexpected surge has not only boosted bitcoin’s value, but it has also had a positive effect on altcoins, providing hope for investors. The resistance level at $41,300 remains a key indicator to watch, as it could either confirm a breakthrough or a return to the downward trend. In the meantime, altcoins have capitalized on the rally, showcasing an increase in overall market capitalization. It’s essential to approach trading with caution, as potential rejection at the resistance level could lead to further volatility.
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