Cryptocurrencies have been on an upward trend since late Wednesday, with the price of Bitcoin leading the way by surpassing $44,000. Investors welcomed the move with open arms, affirming the positive sentiment in the market. Altcoins are also waking up after weeks of weakness and significant overhead pressure. for example, Ethereum It is back above $2,400, paving the way for significant price increases for Solana, XRP, and Cardano.
After experiencing a squeeze characterized by limited volatility, Bitcoin stabilized its northward trend and regained support at $43,000 and $44,000. This amazing movement BTC ETF Currently, it is an arena where most products are driving net inflows.
According to SoSoValue’s ETF data, total inflows across all Spot BTC ETFs reached $146 million, representing at least nine consecutive days of net inflows.
Although these ETFs are still new, they are attracting more investors focused on Bitcoin’s long-term potential. The main level to look at is $45,000. If Bitcoin breaks above this, it could rise above $48,000.
of Bitcoin halving April is also a bullish factor. This could lead to FOMO among investors looking to profit from a potential bull market.
On the downside, traders should watch for support from the 20-day exponential moving average (EMA) and the 50-day EMA (the blue and red lines that are following the price on the chart).
- The Moving Average Convergence Divergence (MACD) is above neutral, confirming the uptrend.
- Viewing resistance: $45,000
- Notable support: 20-day EMA, $42,000, $40,000.
Also read: Bitcoin Halving in 2024: How will miners affect future trends in BTC price?
After testing support at $2,200, the second-largest cryptocurrency rose above $2,400 on Wednesday, highlighting new liquidity entering the altcoin market.
After Bitcoin fell below $39,000 and its recovery stalled below $44,000, investors turned to altcoins like ETH and SOL. The Dencun upgrade is one of many factors driving interest in Ether.
Developers successfully launched an upgrade on the network’s third and final testnet, Holesky, on February 7th, paving the way for its final debut on mainnet.
If traders and speculators are attracted to Ethereum and increase their exposure, the resistance in the yellow band will not delay a breakout above $2,700 and then $3,000.
Support at $2,400 will be important for the uptrend to continue. However, if bypassed, the channel’s mid- and lower boundaries will help prevent a return to $2,200.
Solana has a history of rewarding people who purchase dips. Despite facing high volatility this week as the network went offline and production of new blocks stopped, SOL’s price has been trending upward along with its altcoin peers.
A competitive smart contract token with high transaction throughput, low transaction costs, and enviable scalability has returned an S/R of $100, underscoring the confidence investors have in this token.
The Ichimoku cloud strengthens the bullish dominance Solana, suggesting that the path of least resistance is gradually reversing upward. A close of the day above $100 would confirm the bulls’ return and push SOL up to $120 on the next leg. Solana is one of the altcoins that has the potential to reach new highs in 2024.
In general, the cryptocurrency market is starting to thaw as Bitcoin’s halving approaches. This event will halve miners’ rewards and significantly reduce the supply of Bitcoin. If demand increases or does not change, the price of Bitcoin and the price among altcoins is usually more likely to rise.
For many people, this period is very important as it allows them to accumulate before the cryptocurrency halving. Despite the hype surrounding halving, price increases are not guaranteed and past performance does not necessarily reflect future performance. That being said, you should perform your due diligence while investing an amount you can afford to lose in case the market moves against you.