The crypto market posted huge gains on the second day after the weekend sell-off, which made the market look like a bloodbath.
Data from TradingView showed that Bitcoin rose above $ 54,000 in the early hours of Tuesday’s trading. At the time of writing, the pioneer cryptocurrency is trading at $ 55,152, up 4.08% over the past 24 hours. It appears that bulls are trying to break the USD 55,000 resistance to allow for a possible rally to USD 58,000.
Bitcoin Eyes $ 58k
Organic growth has resumed in the BTC market. The point-controlled BTC bounce-back looks sustainable.
In a tweet on April 27, analyst Lex Moskovski noted that futures funding rates suggest that the BTC price surge this week was entirely organic.
Funding rates are a popular measure for measuring the health of BTC price movements. They essentially show which traders are on the right side of the bet (long or short) – a high funding rate on one platform means longs shorts “pay”, while low funding rates mean the opposite.
Analysts look to negative interest rates when determining whether an uptrend is likely to continue or is due in the short term.
For now, conditions are right – the surge to $ 55,000 probably wasn’t fueled by speculative trade measures, Moskovski says.
“The funding is very low and healthy. This approach in Bitcoin came from locally and looks sustainable. ” he wrote.
Related article | Bitcoin funding rates have been falling flat for weeks as the market pauses
Old season in full swing
Despite Bitcoin’s promise to go up in a few days, many of the altcoins are seeing a huge surge in price.
Lower gas fees following the upgrade of the Ethereum network in Berlin, as well as an increase in institutional purchasing and decentralized financial activity, raised the price of ether to a new all-time high of $ 2,680.
The prices of several Altcoins reached new record highs in addition to ether on Tuesday.
XRP has seen its price spike an impressive 27 percent in the past 24 hours. The coin traded at $ 1.43 and approached the resistance at $ 1.5; There are also two strong supports at $ 1.25 and $ 1.03 should a trend reversal occur.
Aave’s price rose 5 percent in the past 24 hours and was trading at $ 402 with a 24-hour trading volume of $ 636 million. The coin is likely to face strong resistance at $ 415 – a level that was last exceeded on April 18th.
Dogecoin has now become one of the top 10 products on the crypto market. Over the past day, DOGE saw a slight price improvement, trading at $ 0.26. Unlike the remaining coins, DOGE’s price action remained extremely tied to the range, trading between support at $ 0.25 and resistance at $ 0.30.
Related article | Ethereum is gaining momentum, here are the odds of a run to $ 3,000
Polygon (MATIC) continued its strong rally, moving as high as $ 0.75 before taking a short breather. Uniswap (UNI) also posted a record high of $ 40.50 after rallying 17% from its April 26 lows.
The market cap for cryptocurrencies is now $ 2.08 trillion, and Bitcoin’s dominance rate is 49.81%.
Featured image from Pixabay, Charts from Tradingview.com and Coin360