The total cryptocurrency market value has finally recovered to roughly $2 trillion, after a significant drop in January 2022 forced it to lose this psychologically significant milestone.
If crypto markets can regain acceptance above $2 trillion, they might revisit the all-time high of $3 trillion established in November 2021, when Bitcoin reaches its current ATH of $69,000.
BTC Price Action
Bitcoin reached a day high of around $43,300 earlier today.The bulls look to have regained control after closing the weekly candle at above $41,000 last week.Bitcoin is currently trading at $42,500, up 4% in the last 24 hours.
The price movement is still confined to a growing triangle.The uptrend has broken through the 42000 resistance level.
The aim for a clear break is 44259, which is located between the triangular breakout and the 48400 barrier.If the breakout occurs, 52100 is likely to be the measured move’s endpoint, and it will become viable if 48400 gives way.
If the bears manage to push Bitcoin’s price below 42000, this view will be shattered.
This move clears the way for a retest of 39950, with 37327 placing the triangle’s lower border in jeopardy.Another objective to the south, 35955, is located between the bears and the 32900 support level (24 January low).
BTC rally to trigger Altcoin breakout?
According to Coin Bureau’s pseudonymous host, Bitcoin (BTC) is preparing for a rise that might sweep the altcoin markets along with it.Guy, the host of Coin Bureau on YouTube, recently informed his subscribers that Bitcoin’s price chart is displaying symptoms of a probable breakout to the upside.
He explains that, looking at the charts, it’s clear that BTC is still bouncing about between the rising triangle pattern.Because ascending triangle formations tend to break to the upside, we might witness a major BTC pump in the coming weeks, sending the rest of the crypto market into a tailspin.
Ethereum & Ethereum Classic
Guy investigates the Ethereum (ETH) hard fork Ethereum Classic (ETC), which has risen from $25.40 to $39.34 at the time of writing.
He says though he hasn’t been able to pinpoint the source of ETC’s surge, his best assumption is that it has something to do with Ethereum’s switch from proof-of-work to proof-of-stake
Some investors may be hedging against the possibility of a botched merger with Ethereum’s most direct rival.
Despite the fact that ETC’s current pump is barely visible on its long-term price chart, it appears to have broken through a major price zone, he added.
Avalanche(AVAX)
Moving on to Avalanche (AVAX), an Ethereum competitor and smart contract platform, Guy claims that AVAX’s price has risen from $67.20 a week ago to $88.14 at the time of writing, owing in part to the anticipation of an impending AVAX conference in Barcelona, Spain.
He notes that, because of the approaching Avalanche summit in Barcelona, AVAX appears to be rallying.The event is likely to draw a large number of crypto heavyweights, and I’m sure there will be some big announcements as well.
Despite the current decline, AVAX has held up rather well compared to most other cryptos – but it appears to be battling to overcome all of the resistance in the low-$90 range.
“That said, I see a cup and handle forming daily and, if my observations are accurate, we could see AVAX pumps as high as $110 in the not so distant future.”
Was this writing helpful?