Bitcoin (BTC) has surpassed the $30,000 mark, indicating a bullish trend. Grayscale Investments’ application for a new spot Bitcoin ETF with the SEC may have contributed to this positive sentiment. Additionally, the SEC’s decision to dismiss claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen suggests a potential slowdown in the regulator’s actions against cryptocurrency entities.
As market sentiment improves, long-term holders of Bitcoin have been increasing their stockpile, leading to a potential supply crunch that could drive up Bitcoin’s price.
In terms of price analysis, Bitcoin broke above the $28,143 resistance level and successfully held it during a retest. The 20-day exponential moving average has turned up, signaling bullish momentum. The next challenge for buyers is to sustain the price above $30,000 and overcome the resistance zone between $31,000 and $31,805.
For altcoins, Ether (ETH) bounced off the strong support near $1,531 and may attempt a rally towards $1,746 if it crosses the 50-day SMA hurdle. BNB turned positive as buyers defended the 20-day EMA level and may aim for higher resistances at $235 and $250. XRP is likely to oscillate between $0.46 and $0.56 in the short term.
Solana (SOL) completed a bullish setup by breaking above the neckline of an inverse head and shoulders pattern. It could rise towards the pattern target of $32.81 if it surpasses the immediate resistance at $27.12. Cardano (ADA) held strong support at $0.24 and may face hurdles at moving averages before potentially rising to $0.28.
Dogecoin (DOGE) saw aggressive buying near $0.055-$0.06, but needs to clear the 50-day SMA at $0.06 for a potential rise to $0.07 and $0.08. Toncoin (TON) has turned positive after bouncing back above the 61.8% Fibonacci retracement level of $1.98, with a target objective of $2.47 if it breaks above $2.20.
Polkadot (DOT) is in a downtrend but showed strong buying at lower levels. A relief rally could reach the breakdown level of $3.91, where bears are expected to defend, while a break above this level could signal a stronger recovery. Polygon (MATIC) has been trading below moving averages but has yet to see a clear direction.
In conclusion, Bitcoin’s rise above $30,000 suggests a bullish trend, and the market sentiment is improving as long-term holders increase their stockpile. Altcoins like Ether, BNB, XRP, Solana, Cardano, Dogecoin, Toncoin, Polkadot, and Polygon have different price outlooks based on their respective technical analyses.
Hot Take: Bitcoin’s Rise Indicates Bullish Trend for Cryptocurrencies
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