Daily insight into happenings in the cryptocurrency market every day examining, including the prices of bitcoin and ethereum, and some of the other altcoins.
During the weekend, bitcoin tried to rally above its previous record at $60,000. It rose significantly above the $55,000 and $58,000 resistance levels. It also broke through the $60,000 resistance level and settled well above the hourly simple moving average of 100.
Before beginning a downside correction, it traded to a new all-time high near $61,700. A break below the $61,000 support level occurred, and it started a decline.
The bulls, on the other hand, were active above $58,500 and $58,800 and support seemed to hold at that level. On the hourly chart of the BTC/USD pair, a crucial bullish trend line was formed with support near $58,200.
It traded above $59,500 but declined below $57,000 as traders took profit.
Bitcoin has been ranked as the best performing asset of the decade. This year alone, it has seen gains of over 100%. The crypto market began in 2021 with a value of $750 billion. Currently, the total market cap of cryptocurrencies is around $1.5 trillion, out of which BTC's market dominance stands at 62%.
Before sellers came in, Ethereum traded above $1,900 to hit a peak of $1,943.
As a result of attaining this peak, sellers took profit, and the stock dropped below the $1,920 and $1,900 levels, prompting a downside correction. The price of Ether also falls below the $1,880 support mark.
On the hourly chart of ETH/USD, a central bullish flag formed with resistance near $1,890. There is a risk of a substantial rise above $1,900 if there is an upward break above the flag resistance. The next significant resistance is around $1,950, above which the price could break through the $2,000 barrier in the coming sessions.
How are altcoins looking so far?
Bitcoin Cash's lowest point was at $520. It then peaked at $555, but it is trading above $525.
Ripple's highest peak was above $0.446. Its intraday low level was at $0.425. It is still trading above $0.440.
Litecoin's intraday low point was at $201. It hit its peak at $226 and is trading above $205.
It's been a fantastic weekend for the cryptocurrencies, with most being influenced by bitcoin's bull run. We may yet see more bullish action on the market.
