In a surprising move, Bitcoin’s price ended the bearish speculation by marking monthly highs close to $71,500. With this, the markets revived a strong ascending trend, with the memecoins gaining immense strength. Dogecoin and POPCAT triggered a huge 13% upswing, while Shiba INU, Pepe, dogwifhat, FLOKI, and Brett rose above their respective resistance zones. Meanwhile, some popular, bigger altcoins like XRP, Cardano, and Toncoin are trying hard to keep up the bullish trend, attracting decent gains.
The Bitcoin price retested above a bullish flag’s upper trendline, which suggested a continuation of a strong uptrend. The daily close above $70,000 confirmed the breakout that attracted more buy orders from the traders and institutions. The rise in the value is speculated to be due to strong inflows into the US-based spot ETFs totalling over $22 billion, which is the highest price since June. With this, the BTC is finally breaking out of a broadening wedge after 8 months of consolidation and hence it suggests that the next midterm target is $88,000 to $90,000.
Besides, the Ethereum price is failing to display the required strength as the bulls may have shifted their focus away from the token. The first time, BTC reached $70,000, and ETH was around $4000, dropping to $3,900, $3,300, and now $2,600 with each attempt. This suggests that until the price remains within the sluggish range, attracting fresh liquidity could be a tedious job for the second-largest token.
The current trade setup suggests the ETH price is expected to remain within the ascending triangle for another couple of weeks until it reaches the apex. However, the MACD suggests a breakout could be fast approaching as the levels are heading for a bullish crossover. However, the upswing could be restricted at $2,800 as the price is constantly failing to breach above the resistance zone.
The top cryptos within the top 10 are stuck within a narrow range. The latest upswing has prevented them from a continued bearish trend but has not materialised the start of a strong bullish trend. Besides, Bitcoin’s dominance is incremental, which suggests the altcoins may maintain a consolidated trend but once the dominance breaks out, the altseason may begin.
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