Bitcoin price rally to $37,850, signals that bulls intend to reclaim $40K
Bitcoin’s break above the $35,000 resistance shows bulls are serious about retaking $40,000 in the short-term. Bitcoin (BTC) price broke through the $35,000 resistance and appears to be stepping into a new range that would see the price trade between $38,000 to $40,000. Today’s recovery from the $34,000 level also appers to have invalidated what looked to be a bearish head and shoulders pattern forming on the 4-hour timeframe. BTC/USDT 4-hour chart. Source: TradingView Reclaiming the $36,000 level as support may also assist with squashing the infantile narrative that Bitcoin price was entering a new bear market after this weekâs 26.5% plunge shaved off $200 billion from the total cryptocurrency market capitalization. Despite this plunge, financial advisers continue to develop a more positive outlook on the top cryptocurrency as well as the growing DeFi sector. Daily cryptocurrency market performance. Source: Coin360 The recent announcement from the Office of the Comptroller of the Currency (OCC) allowing banks to transact and custody stablecoins is being interpreted as a green light by the sector as a whole. Proof of this comes today as custody provider Anchorage was just granted the first digital bank charter by the OCC. According to outgoing OCC chief Brian Brooks, the online future for finance is inevitable. DeFi and altcoins show strength The current market conditions continue to mirror the trend of previous cycles where Bitcoin price corrects sharply then consolidates after experiencing a period of parabolic growth. During these consolidation phases traders tend to shift funds into altcoins and todayâs increased volume and rallies from a number of altcoins re-enforces this theory. BTC/USD daily chart. Source: Coin360 As Bitcoin spent the early part of the day trading between $32,000 and $35,000 Ether (ETH) pushed higher, gaining 3.96% to trade at $1,120 at the time of writing. Meanwhile, Polkadot (DOT) was the breakout coin of the day, up 36.89% and trading near $11.30. Its sister chain Kusama (KSM) also received a boost in price as it rallied 21.25% to trade at $77.59 The overall cryptocurrency market cap now stands at $983.5 billion and Bitcoinâs dominance rate is 68.7%.
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Bitcoin’s break above the $35,000 resistance shows bulls are
serious about retaking $40,000 in the short-term.
Bitcoin (BTC) price
broke through the $35,000 resistance and appears to be stepping
into a new range that would see the price trade between $38,000 to
$40,000. Today’s recovery from the $34,000 level also appers to
have invalidated what looked to be a bearish head and shoulders
pattern forming on the 4-hour timeframe.
BTC/USDT
4-hour chart. Source: TradingView
Reclaiming the $36,000 level as support may also assist with
squashing the infantile narrative that Bitcoin price was entering a
new bear market after this weekâs 26.5% plunge shaved off $200
billion from the total cryptocurrency market capitalization.
Despite this plunge, financial advisers continue to develop a
more
positive outlook on the top cryptocurrency as well as the
growing DeFi sector.
Daily
cryptocurrency market performance. Source: Coin360
The recent announcement from the Office of the Comptroller of
the Currency (OCC) allowing banks to transact and custody
stablecoins is being interpreted as a green light by the sector as
a whole.
Proof of this comes today as custody provider
Anchorage was just granted the first digital bank charter by
the OCC. According to outgoing OCC chief Brian Brooks, the
online future for finance is inevitable.
DeFi and altcoins show strength
The current market conditions continue to mirror the trend of
previous cycles where Bitcoin price corrects sharply then
consolidates after experiencing a period of parabolic growth.
During these consolidation phases traders tend to shift funds
into altcoins and todayâs increased volume and rallies from a
number of altcoins re-enforces this theory.
BTC/USD
daily chart. Source: Coin360
As Bitcoin spent the early part of the day trading
between $32,000 and $35,000 Ether (ETH) pushed
higher, gaining 3.96% to trade at $1,120 at the time of
writing.
Meanwhile, Polkadot (DOT) was the breakout coin of the day, up
36.89% and trading near $11.30. Its sister chain Kusama (KSM) also
received a boost in price as it rallied 21.25% to trade at
$77.59
The overall cryptocurrency market cap now stands at $983.5
billion and Bitcoinâs dominance rate is 68.7%.
