Positive Sign for Bitcoin's Price
Bitcoin (BTC) is making a positive move as it attempts to trade above $27,000. Despite adverse conditions, such as a rising US dollar and plunging stock market, Bitcoin's price remains steady above the $26,000 level. This suggests that selling pressure is drying up, and market participants are taking a longer-term view on Bitcoin.
Regulator's Early Decision Boosts Trader's Sentiment
A recent decision by the United States Securities and Exchange Commission to delay the spot Bitcoin exchange-traded fund (ETFs) ahead of schedule did not dent prices. In fact, Bitcoin's resilience over the past few days has boosted trader's sentiment and sparked a recovery in most major altcoins. This begs the question: will Bitcoin's up-move continue and start a revival in the crypto space?
Bitcoin's Technical Analysis
After struggling for several days, the bulls have finally propelled Bitcoin above the moving averages. The moving averages are on the verge of a bullish crossover and the relative strength index (RSI) is in positive territory, indicating that the path of least resistance is to the upside. The $27,500 level presents a minor resistance, but it is likely to be crossed, with the BTC/USDT pair possibly rallying to the overhead resistance at $28,143.
Breakthrough for Ethereum
Ethereum (ETH) has seen a breakthrough, climbing and closing above the 20-day EMA ($1,622). This indicates that selling pressure is reducing. The bulls will now try to drive the price to the overhead resistance of $1,746. This level is important because if buyers overcome this barrier, the ETH/USDT pair will complete a double bottom pattern.
Other Top Cryptocurrencies
Other top cryptocurrencies are also showing signs of potential growth. BNB (BNB) is attempting to break its current range and surge to $235. XRP (XRP) has broken above resistance, indicating a potential rally to $0.56. Cardano (ADA) is fighting off bearish patterns and could see a sharp up-move to $0.32. Dogecoin (DOGE) is on the cusp of a range expansion, with the potential to rise to $0.08. Solana (SOL) remains stuck in a large range but could begin a relief rally. Toncoin (TON) sentiment remains positive, with traders buying on dips. Polkadot (DOT) is range-bound but could see a trend change if overhead resistance is cleared. Polygon (MATIC) shows strong buying at lower levels and could retest the overhead resistance at $0.60.
Please note: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
