|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin Soars Past $64,000, Igniting Altcoin Recovery and Potential 'Altseason'
Apr 28, 2024 at 07:27 pm
Amidst an altcoin recovery, Bitcoin surged past $64,000 on April 28th. BTC price momentum improved, with altcoins also performing well during weekend trading. Analysts observed a potential decline in Tether dominance, indicating a potential boost for altcoins. Traders anticipated further market cues with the opening of TradFi trading, including Bitcoin futures, to gauge the cryptocurrency market's trajectory. Despite consolidation, some analysts remained bullish on Bitcoin's price structure, comparing it to a pre-breakout period for the Nasdaq Composite Index in 2013.
Bitcoin Surges Past $64,000, Signaling Altcoin Recovery and a Potential 'Altseason'
April 29, 2023
Amidst anticipation for the April 28 weekly close, Bitcoin (BTC) has surged past the $64,000 mark, sparking optimism in the altcoin market. Data from Cointelegraph Markets Pro and TradingView reveals a significant upswing in BTC price momentum over the weekend.
After briefly dipping to a weekly low of $62,400, BTC/USD reversed and reclaimed higher ground, hovering around $63,500 at the time of writing. Altcoins also exhibited a positive performance during "out-of-hours" trading, with the total altcoin market capitalization rising approximately 1% on the day.
Popular trader Skew observed that altcoins "bounced nicely" but still needed to break the trend of setting weekly highs around Monday and Tuesday. Skew also anticipates that sell-side pressure will likely emerge around Bitcoin's range highs, limiting further upward momentum for bulls.
Altcoins Poised for a Revival as Tether Dominance Wanes
Trader and commentator Moustache expressed optimism for a full-fledged "altseason" in the near future, surpassing the heights witnessed during the market's ascent to all-time highs in 2017. He pointed to the monthly dominance chart of Tether (USDT), the largest stablecoin, which attempted to reclaim lost ground after breaking below a rising trendline earlier this year.
"When USDT.D goes down, Altcoins go up," he asserted. "Biggest Altseason since 2017 is loading imo."
TradFi Trading Signals Awaited
Market participants await the commencement of traditional finance (TradFi) trading, including Bitcoin futures, for further insights into the trajectory of the crypto market. Fellow trader Daan Crypto Trades remarked that weekend price action has been encouraging but expects significant movement to materialize once CME Bitcoin futures trading resumes.
Bullish BTC Structure Sustains Market Optimism
Despite consolidating below previous cycle all-time highs, Bitcoin's price structure remains bullish, offering hope for sustained growth. Trader Alan Tardigrade highlighted the promising technical setup on the monthly BTC/USD chart.
"On monthly chart, Bitcoin is still sitting above the Triangle Top, which is very Bullish," Tardigrade stated. "To have a long and solid Bull Run in the future, Consolidation is necessary to be built up."
A comparative chart between Bitcoin's current position and a pre-breakout period for the Nasdaq Composite Index (IXIC) in 2013 further bolsters this optimistic outlook.
It is essential to note that this article does not constitute investment advice or recommendations. All investment and trading decisions should be made after thorough research and due consideration of personal circumstances.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Dormant Bitcoin Wallets Wake from Slumber, Unleashing $61 Million Crypto Windfall
- May 13, 2024 at 12:07 pm
- Dormant Bitcoin Wallets Stir After Decade-Long Slumber, Unleashing a Cryptocurrency Windfall In a remarkable turn of events, two enigmatic Bitcoin (BT
-
- US Stocks and Cryptocurrencies Poised for Continued Surge, Predicts Renowned Analyst
- May 13, 2024 at 12:06 pm
- US Equities and Cryptocurrencies Poised for Continued Surge, Renowned Analyst Predicts New York, May 10, 2024 - Tom Lee, the highly acclaimed founder
-
- Crypto Trading Plummets Amid Market Slump and Economic Woes
- May 13, 2024 at 12:02 pm
- Cryptocurrency Trading Volumes Plummet Amidst Market Stagnation and External Economic Pressures Centralized Exchange Trade Volume Dives in April Data
-
- Crypto Stumbles on Resistance, but Bullish Sentiment Prevails
- May 13, 2024 at 12:01 pm
- Cryptocurrencies Struggle Amid Resistance, But Sentiment Remains Bullish The weekend witnessed a continued stalemate in the cryptocurrency market, as
-
- Claim Your Bazaars $BZR Airdrops with DappRadar: A Comprehensive How-To
- May 13, 2024 at 11:59 am
- Claiming Bazaars $BZR Airdrops with DappRadar: A Comprehensive Guide Navigating the Cryptocurrency Ecosystem with Airdrops Within the vibrant realm of
-
- Legal Loopholes Offer Bitcoin Investors Tax Relief Maze
- May 13, 2024 at 11:58 am
- Navigating the Tax Maze: Legal Loopholes for Bitcoin Investors Introduction The meteoric rise of Bitcoin has brought forth unprecedented wealth for sa
-
- Bitcoin Market Plunges, Dropping $2,000 in Hour, Triggering $175M Liquidations
- May 13, 2024 at 11:21 am
- Bitcoin Market Plunges Amidst Volatility, Witnessing $2,000 Drop and $175 Million Liquidations May 10, 2024 - The cryptocurrency market faced a dramat
-
- Navigating the Crypto Landscape: NEAR Protocol, VeChain, and BlockDAG Offer Promising Investment Opportunities
- May 13, 2024 at 10:00 am
- Navigating the Crypto Landscape: A Comprehensive Guide to NEAR Protocol, VeChain, and BlockDAG In the dynamic realm of cryptocurrencies, innovation an
-
- NEAR, VeChain, and BlockDAG: Driving Innovation and Return in the Crypto Market
- May 13, 2024 at 09:56 am
- NEAR Protocol, VeChain, and BlockDAG: Distinctive Innovations Driving the Cryptocurrency Market In the rapidly evolving cryptocurrency landscape, thre