Let's find out how far the Bitcoin price came today.
Bitcoin ended last week on a good note; during the weekend, it even hit another record price high at $49,700 before sellers started cashing in on gains. The price fell below the $48,000 and $47,000 levels to dip below the last swing low at $46,326.
An important bullish trend line was formed with support close to $46,000 on the hourly chart of the BTC/USD pair. It broke above this trend line to begin a new increase. It is currently trading above $47,500.
Analysts expect that although there's been a minor pullback, bitcoin is still in a bull run. However, characteristics like the increase in miner outflows are the outflow of BTC acquired in older times. Glassnode, the crypto data analytics firm, reported a rise in short-term holders with a crossover compared to long-term holders. These are indications of a super cycle for bitcoin.
But after the volatility of recent times, there is a somewhat bearish pattern called the rising wedge, which seems to be forming for bitcoin.
Bitcoin's market cap is currently the ninth-largest market capitalization as it surged above $900B.
Ethereum was not able to clear above the $1,850 level. It reached the $1,830 level before going into a new decline.
On the hourly chart of ETH/USD, there was also a break below a central contracting triangle with support near $1,790. It dipped to a low below the $1,700 level before beginning a fresh increase. It is currently trading above $1,780. It could recover soon but would see strong resistance at $1800 and $1850 levels.
Recently, Ripple broke above the $0.5000 resistance and continued past the $0.6000 level to traded as high as $0.6440. It broke out the downside and began a correction that saw it dip below $0.5000. It went through a fresh increase and is currently trading above $0.5000.
Bitcoin Cash and Litecoin have both broken above their former all-time highs. BCH is trading above $700, and LTC is trading above $200. In both cases, the bulls seem to be totally in charge.
In conclusion, it's a bulls market for most crypto, even for BTC, which seems to be consolidating its gains.
