Sudden Bitcoin move breathes life into crypto market

With many investors probably still very much attuned to the idea of a significant dip, bitcoin did the unexpected and shot higher, with two hourly candles registering an uptick of over 3%. Altcoins have rallied accordingly.

A short rally?

The crypto market continues to fascinate investors and speculators alike. As pervading fear and anxiety was creeping through the market over the last few days, most were probably expecting bitcoin to maintain its downward path.

However, Friday has witnessed a strong rally for bitcoin, and whether this continues up to the $44,000 price region, or whether this is just a confirmation of the resistance at $41,300 remains to be seen.

$BTC confirms resistance

Source: Coingecko/Trading View

As can be seen in the above 4-hourly chart, $BTC has come up to the resistance that was dropped on Monday. There have been no other moves back to this resistance and therefore it does look like it may just be a touch that confirms this resistance, before the price goes back down again.

Altcoins make the most of it

Be that as it may, this upside move from bitcoin has breathed life back into the altcoins which were slowly bleeding out with $BTC’s downward bias. The total market cap of the altcoins rose as high as $472 billion, having started the day at $461 billion.

Some of the top-performing altcoins so far today include Near Protocol (NEAR), up around 10%, Dusk (DUSK) rose as high as 24% before coming back to its current price of $0.27, and Ethereum Name Service (ENS) has made a 13% gain.

It must however be borne in mind that at time of going to press, $BTC appears to have stalled at the $41,300 resistance, which coincides with the underside of its bull trend line. This would be a likely place for a rejection. Trade with caution.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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