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price of BTC was up 15% on Monday, going from the $ 34.5K level to a high of $ 39,681. Although the bulls have yet to break out of the $ 40,000 resistance, market participants who have endured months of quiet price action have now renewed hope that the bull market is still active.
week got off to an excellent start for the bulls, who managed to push the price of BTC to levels not seen since June 16. rally started slowly last week after Elon Musk and Jack Dorsey praised crypto during the ‘ ₿ Word’ conference.
additional bullish momentum came from relationships that Amazon was looking to hire a blockchain and cryptocurrency expert. news sparked questions from crypto enthusiasts about whether the retail giant was finally ready to accept bitcoin payments.
se bullish events saw Bitcoin break above the $ 34,500 level for the first time on Friday of last week before climbing to $ 40K in a spectacular weekend rally that took place. made news around the world.
BTC fuel price pump for overloaded shorts
Market participants who had bet on the falling price of BTC were caught off guard by the sharp rise in bitcoin. As a result, traders were forced to exit their short positions, a scenario that fueled BTC’s price rally.
According to data from cryptocurrency tracking site Bybt, $ 1.1 billion in shorts was liquidated in the past 24 hours as traders rushed out of over-indebted positions to cut losses. Also, analyst William Clemente III highlighted Glassnode data, showing that more than $ 100 million in shorts were sold out in 10 minutes.
With so many bears pushed out of the market and fundamentals looking strong, BTC prices may be ready to test new levels of resistance again in the near term.
Furthermore, the Cryptocurrency Fear and Greed Index shows that market sentiment is calm after the rally towards $ 40,000. This indicator is bullish for bitcoin as it indicates increased fear rather than greed that continues to dominate investor sentiment.
refore, market participants are less likely to trigger a sell-off by withdrawing profits from the table as the price of BTC rises in the coming days.
Altcoin Profits From Bitcoin Price Rise
Analyst Michaël van de Poppe, who had predicted an increase in BTC prices towards $ 42,000, noted that the intensity of the current rally should have also increased altcoins.
“After such a move by Bitcoin, altcoins will follow suit. Some are doing very well on their BTC peers, as Cardano and Ethereum are bouncing well. Brilliant! » analyst tweeted.
In fact, the dramatic overnight surge in the BTC markets has managed to trigger a resurgence in the broader crypto space. As a result, most of the top fifty altcoins now show some Signs of Life after weeks of bearish declines.
ETH, the world’s second-largest cryptocurrency, was up nearly 10%, while LINK, DOGE, and UNI posted double-digit gains. Other top winners include ADA, XRP, BNB, and XLM, all of which have racked up 6-9% gains in the last 24 hours.
Wayne is a Blockchain enthusiast and cryptocurrency trading expert. Currently, he deals with trending topics in digital currencies.
Read also How “Bitcoin with smart contracts”, Ethereum Classic, outperformed ETH
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