Bitcoin Price Approaches $ 36,000 As Altcoins Gain 10%

Double-digit returns have been common for altcoins, with Bitcoin facing heavy resistance on its way to $ 40,000. Bitcoin (BTC) faced resistance at $ 35,000 on June 29 and bullish momentum began. to resurface throughout the cryptocurrency.

BTC price targets are high

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair hit 24-hour highs of $ 35,780 on Bitstamp on Tuesday. The pair made 4.5% gains on the day, restoring confidence to traders who previously feared another major market correction.

As Cointelegraph reported, the weekend Bitcoin bounced off $ 30,000 to make an impressive comeback in the new week.

For popular trader Crypto Ed, there was now little reason to maintain a Doomsday-style view of BTC’s price action.

“The current BTC bears are the same ones who were convinced that BTC would drop below $ 10k in September 2020,” he argued in his latest update.

For analyst Rekt Capital, the potential remains bullish, after the last weekly close.

“Great price stability at a key weekly support level for BTC,” he summarized.

“This is already the seventh week in a row that this level of ~ $ 34,500 has been reaffirmed as support.” A look at the data in the order book of Binance, the largest exchange by volume, showed strong support that remained at $ 30,000, but less presence of buying interest between that level and the spot price around $ 35,500.

Sellers, on the other hand, held at $ 37,000 and $ 40,000. Signs of the return of the “alt season”

Meanwhile, altcoins were eager to capitalize on Bitcoin’s new strength, vastly outpacing BTC’s gains on the day.

Ether (ETH), the largest altcoin by market cap, is up 9% at the time of this writing, trading at nearly $ 2,200.

Traders were on the lookout for the possibility of a new installment of the “alt season” if Bitcoin increased its losses or made more cautious gains.

“It looks good so far,” Scott Melker told Twitter followers.

“Bitcoin price rises, Bitcoin dominance falls. Perfect scenario for the highs at the moment.”

Bitcoin’s market cap dominance stood at 46% on Tuesday, slightly below it, while the overall market capitalization of cryptocurrencies was $ 1.455 trillion.

Reference: es.cointelegraph.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

You may also like...