Market Sentiment Improves as Bitcoin's Long-Term Holders Increase Stockpile
Bitcoin (BTC) has surpassed the $30,000 mark, suggesting that the upward trend is gaining momentum. Grayscale Investments has made a new application with the US Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF), which could have contributed to the bullish sentiment.
In other positive news for the cryptocurrency market, the SEC is seeking to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen. This indicates that the regulator might ease its crackdown on cryptocurrency entities following recent setbacks.
As market sentiment improves, long-term Bitcoin holders have been increasing their stockpile. Data from Glassnode shows that 76.2% of available Bitcoin is currently stored in long-term storage, potentially leading to a supply shortage in the market and driving up Bitcoin's price.
Can Bitcoin Maintain Momentum? What About Altcoins?
With Bitcoin's upward trajectory, investors are wondering if the momentum can be sustained and if altcoins will follow suit. Let's analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin recently broke and closed above the $28,143 resistance level, which has now become a strong support level. The 20-day exponential moving average has turned up, and the relative strength index (RSI) is in the overbought zone, indicating that the bulls are in control. The next challenge for buyers is to sustain the price above $30,000 and overcome the resistance zone between $31,000 and $31,805.
Ether Price Analysis
Ether (ETH) has consistently found support near the $1,531 level, indicating strong buying activity. Although the moving averages suggest an advantage for bears, the positive divergence on the RSI indicates a reduction in negative momentum. If the price clears the 50-day simple moving average, it could gain momentum and attempt a rally to $1,746.
BNB, XRP, Solana, Cardano, Dogecoin, Toncoin, Polkadot, and Polygon Price Analysis
Other top cryptocurrencies, including BNB, XRP, Solana, Cardano, Dogecoin, Toncoin, Polkadot, and Polygon, have also shown interesting price movements. Bulls have started buying on dips, and positive signs are emerging for potential rallies. However, bears are likely to put up a strong defense at key resistance levels. It remains to be seen whether these cryptocurrencies will experience a significant trend change or continue to trade within a range.
Please note that this article does not provide investment advice or recommendations. Investors should conduct their own research and exercise caution when making investment decisions.
