- Bitcoin’s recent underperformance versus altcoins quickly ended today. Bulls let the crypto shoot higher while bears struggled to slow its rise
- The cryptocurrency is in the process of erasing much of its recent losses, with the bulls continuing to push higher
- This rally took the wind out of the sails of many altcoins, and many investors have turned their recent altcoins gains back into benchmark crypto
- Where there are short-term trends will no doubt depend on whether or not bulls can maintain this momentum and put $ 34,000 in a support base
- An analyst recently stated in a tweet that Bitcoin could be well suited to provide further impetus in the coming days
Bitcoin and the entire cryptocurrency market were affected by immense volatility over the past week.
Last Thursday, BTC faced massive selling pressure that caused BTC to drop below $ 29,000. This decline erased weeks of gains and a sharp surrender.
The “V-shaped rebound” seen since then has been encouraging and has led an analyst to conclude that the possibility that BTC will see a significant uptrend is now rapidly increasing.
Bitcoin shows signs of strength when bulls take control
At the time of writing, Bitcoin is trading over 7% at its current price of $ 34,650. This is a massive rally from the recent lows of under $ 29,000 set a few days ago.
These lows appear to mark a macro low, as the rebound in BTC – and altcoins’ – suggests that this was the first pullback on the way to higher highs.
BTC is facing some resistance that is just above its current price level, but breaking above it could allow it to see a massive uptrend in the days ahead.
BTC looks poised to see more benefits, Claims Analyst claims
A popular trader recently stated in a tweet that the price structure of Bitcoin looks incredibly strong and could allow further upward movements in the medium term.
He also notes that Ethereum’s continued strength can help pull Bitcoin higher and protect it from an intense sell-off.
“BTC: Structurally, it still looks good to me. I believe the market (mainly Eth) will push BTC to a peak this week. “
Image Courtesy of Resolute. Source: BTCUSD on TradingView.
If the drop below $ 30,000 marks a long-term low, Bitcoin could begin the next phase of its growth cycle leading to new all-time highs.
Featured image from Unsplash. Charts from TradingView.