Bitcoin looks back into the zone, $70k, the strongest physiological zone has been crossed. Despite the fearful global equity now, falling metal prices like silver, the capital seems to be driven towards the Cryptocurrency Bitcoin.
As seen yesterday, Bitcoin was already registering positive funding rates, positive inflow of all 12 active Bitcoin spot ETFs, and the signs were clear. Although the USD is strengthening has not been so resilient to the bitcoin price today.
At the time of writing, Bitcoin price is at $71,169, trading near the upper range of its consolidation channel, and is now showing signs of a change of Character.
So now, $76,000 is the resistance zone to cross for the bitcoin price; this is where the EMA50 is. This price action will add pressure to its rally towards $90,000.
Invalidation would occur if BTC price behaves bearish in $70,000 to $76,000, causing its rally back to its wartime price figures.
Just after bitcoin started behaving bullish since yesterday’s trading sessions, top altcoins followed the trend.
Ethereum price jumps above $2000 after trading below this level for the whole week. The second-largest cryptocurrency with a market cap of $250 billion has crossed above its 7-day Simple Moving Average (SMA7) of $1,989.48 and 7-day Exponential Moving Average of $1,976.66.
If the market persists and the Eth price holds this support of $2000, it could test the 23.6% Fibonacci resistance at $2,240.
With Bitcoin changing momemtum altcoins other than Ethereum registered a positive 24-hour rally. XDC coin skyrocketed to its high in the last 2 weeks, still rebounding after a correction towards $0.0364.
Morpho coin is now at $1.96, continuing its rally. Soaring to 67% growth in a month, and 3.5% in the last 24 hours. This has come after the increase in network usage, a spike in TVL of 2.97, and ETH tokens from the previous year’s low of 976K ETH.
BNB passes $650 with strong signs of moving out of its lower consolidation zone. XRP, Solana, Litecoin, Hedera, Uniswap, Polkadot, Matelm Bittensor TAO, and Near protocol.
All the Top 10 cryptocurrencies have registered an average growth of 5% and still hold a bullish sentiment in the short and mid term.
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