Bitcoin spikes to nearly $17,400 as the crypto market experiences green shoots

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(Kitco News) – Crypto proponents welcomed the sight of widespread green on Monday after a chronic interval of sideways buying and selling left many questioning if the market would ever snap out of the crypto winter doldrums that it has been trapped in for a number of months.

The inventory market, likewise, obtained the time without work to a scorching begin as the tech sector helped push the main indices increased. But costs reversed course in the afternoon as the lack of momentum resulted in a destructive shut for the S&P and Dow, which closed down 0.08% and 0.34%, respectively, whereas the Nasdaq managed to maintain onto a acquire of 0.63%.

Data from TradingView reveals that Bitcoin (BTC) surged to a each day excessive of $17,389 in the afternoon on Monday earlier than pulling again to assist close to $17,200 the place bulls and bears now battle it out for management of the worth motion.

 

BTC/USD 4-hour chart. Source: TradingView

The transfer increased helped bulls “acquire the upside technical momentum,” in accordance to Kitco senior technical analyst Jim Wyckoff, and they’re “now engaged on a fledgling worth uptrend on the each day bar chart.”

That being stated, bulls want to stay vigilant and proceed to push increased, Wyckoff stated, as “stiff chart resistance lies simply above the market now.”

For analysts at Eight Global, the present worth motion for Bitcoin alerts that “there’s nonetheless loads of room to transfer up” since the Fair Value Gap (FVG), which “usually acts as a magnet for the worth,” is between $18,350 and $20,150.

“We can see two very clear zones on the chart, specifically the demand zone round $16.9-17k and the provide zone of $17,350-17,550. These are due to this fact the areas we are going to control for longs and shorts, however as all the time we are going to solely take a place when we now have the proper confirmations.”

BTC/USD 4-hour chart. Source: TradingView

In the occasion that Bitcoin begins tending down, Eight Global recognized the weekly assist degree of $12,500 “as a degree that a large variety of traders may have their eyes on,” however instructed that “there’s little probability of reaching these ranges anytime quickly.”

As for why now is just not an excellent time to go all in on the latest optimistic strikes, Eight Global founder Michaël van de Poppe posted the following tweet outlining the upcoming occasions of the week, which may lead to a spike in volatility in the crypto market.

Multiple altcoins acquire greater than 20%

The altcoin market adopted Bitcoin’s lead increased on Monday, with all however a handful of tokens in the prime 200 posting optimistic features on the day.

Daily cryptocurrency market efficiency. Source: Coin360

Multiple initiatives noticed features exceeding twenty %, together with a 38.07% acquire for Aptos (APT), a 25.96% acquire for Zilliqa, a 24.64% improve in Nervos Network (CKB) and a 24.57% acquire for Gala Games (GALA).

The general cryptocurrency market cap now stands at $850 billion, and Bitcoin’s dominance price is 39.1%.

Disclaimer: The views expressed on this article are these of the writer and should not replicate these of Kitco Metals Inc. The writer has made each effort to guarantee accuracy of data offered; nevertheless, neither Kitco Metals Inc. nor the writer can assure such accuracy. This article is strictly for informational functions solely. It is just not a solicitation to make any alternate in commodities, securities or different monetary devices. Kitco Metals Inc. and the writer of this text don’t settle for culpability for losses and/ or damages arising from the use of this publication.



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