By Shelly Melancon (Switzerland)
The Bitcoin price surged to over $43,000 today, representing its new two-month high, having been stuck around the $40K range since May 2021. Metrics from Cointelegraph markets pro and Tradingview reveal that the bulls caused a rally that surged BTC price to an intraday peak of over $43,000 despite trending sideways throughout the early morning trading sessions.
Bitcoin Reaches A New Multi-Month High
This price is its peak price since around mid-May. Most analysts have been predicting a new bull run since the beginning of the week. Almost all technical indicators showed bullish signs, especially the inter-lock between two moving averages, which was last seen prior to the 2020 bullish run.
BTC/USDT chart. Source: TradingView
Also, various analytics indicate that whales and retail investors have accumulated the king coin in huge proportions. Top crypto analytics firm, Rekt capital, suggested that Bitcoin’s rise above $43,000 marks a significant point since it is the first time Bitcoin price is breaking out of its multi-month price levels.
Rekt Capital Analysis. Source: Twitter
Rekt also tweeted that the bulls are gradually returning to the market, as shown by the technical indicators, especially the exponential moving average (EMA). As of this writing, Bitcoin’s market dominance is 46.5% and has gained almost 8% in the past week, while the market cap for the entire crypto market is now about $1.8 trillion.
Rekt Tweet. Source: Twitter
Start Placing Buy Positions
Some analysts, such as Dutch crypto master trader, Micheal van de Poppe, have predicted that BTC will surge past the $42,500, and once it does, traders should start taking buy positions. Van de Poppe further said that Bitcoin would continue its rally till around the $45,500 price range once it breaks out of its multi-month price range.
Other analysts even opined that BTC’s current bullish run would still extend until its price exceeds $50,000. What’s of slight concern is Bitcoin’s declining relative strength index (rsi) beyond the overbought levels. If the king coin could attain its resistance levels, traders might be encouraged to take profits. This profit-taking might dampen the rallying it has started in the last couple of days.
Crypto Market Not Paying Attention To Congress’ Crypto Tax Talks
Much of today’s news has centered around the modification to the crypto tax reporting requirements. Some crypto enthusiasts opined that a white-house-supported amendment could trouble decentralized finance (DeFi) protocols and Proof-of-Stake projects like Solana.
Yet others argued that if the amendment not supported by the white house is passed, it could spell doom for Bitcoin. However, all the discussions didn’t have any effect on the crypto market. All eyes will be on congress as voting on the crypto tax bill will be done tomorrow.
Almost all the altcoins are green like the king coin. CoinGecko data shows that terra is the only digital asset in red out of the top 25 cryptocurrencies, even though it still has an overall gain of 33% for the week. The noisiness of the market is due to mixed signals and nothing else.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.