Bitcoin Surges Near $31,000, Pulling 5 Altcoins Upward

Bitcoin has rallied to $31,000, a level last seen in mid-July 2023, yet it was overshadowed by the remarkable performance of various altcoins in the past 24 hours.

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Bitcoin’s price surged back to the $31,000

Bitcoin’s price surged back to the $31,000 mark, a level it hasn’t seen since mid-July in 2023. However, while Bitcoin made a notable move, it was outshone by the impressive performance of several altcoins over the past 24 hours.

The weekend witnessed a significant uptick in the crypto markets, with Bitcoin soaring to a new multi-month peak, reaching around $31,000. This surge in Bitcoin’s price has also driven the total market capitalization up to $1.19 trillion, marking its highest point since mid-August.

For Bitcoin, this return to $31,000 represents the fourth visit to this price level in 2023, and analysts have taken note of the bullish weekly candle close, erasing the losses incurred over the past two months.

Moreover, Bitcoin’s dominance in the overall market has exceeded 52%, a level not seen since April 2021. An analyst known as ‘CrediBULL Crypto’ commented that Bitcoin appears poised for a substantial breakout, and its dominance is expected to rise further before shifting back into a downtrend.

Despite Bitcoin’s 11% gain over the past week, traders are cautious as they’ve identified a potential head and shoulders pattern, which could lead to a downside if it materializes.

Nonetheless, Bitcoin’s 2% daily gain pales in comparison to the double-digit surges witnessed in several altcoins. ‘CrediBULL Crypto’ emphasized that these altcoins represent the exception rather than the norm, as they have yet to significantly impact Bitcoin’s dominance.

Five such altcoins have shown remarkable performance:

Chainlink (LINK) surged by an impressive 17% over the past 24 hours, reaching a price of $10.74 at the time of writing. It has also gained 44% over the past seven days, making it the top-performing altcoin of the day.

AAVE has been on a tear, gaining 11% in the last 24 hours to reach $78.90. However, it has returned to 2023 resistance levels previously seen in mid-July.

Fantom (FTM) also experienced an 11% gain in a single day, reaching a price of $0.221, which is its highest value since the market downturn in mid-August.

Polygon (MATIC) climbed by 9%, reaching a ten-week high of $0.621 at the time of writing.

Aptos (APT) mirrored MATIC’s performance, gaining a similar amount in the past 24 hours, reaching $6.20, its highest price since mid-August.

These altcoins’ notable gains reflect the dynamic nature of the cryptocurrency market, where assets beyond Bitcoin continue to experience significant fluctuations and upward momentum.

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Ethereum’s Price Began to Climb

Ethereum’s price has been on the rise, influenced by Bitcoin’s recent surge against the US dollar. ETH is currently in an upward trend and could potentially challenge the significant resistance level at $1,750.

  • Ethereum’s price began to climb, surpassing the $1,650 resistance level.
  • The price is now trading above $1,660 and is supported by the 100-hourly Simple Moving Average.
  • A bullish trend line is forming, offering support around $1,645, as seen on the hourly chart of ETH/USD (data source: Kraken).
  • While the pair has the potential to move higher, it might encounter strong resistance around the $1,750 mark.

Ethereum’s price managed to stay above the $1,550 support area. The recent upswing in Bitcoin, breaching the $28,500 resistance, triggered a bullish sentiment in ETH. Ethereum saw a steady increase above the $1,600 and $1,620 resistance levels.

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The price also surpassed the critical $1,650 resistance zone, reaching a high around $1,700 before consolidating its gains. It is currently trading well above the 23.6% Fibonacci retracement level of the upward movement from the $1,620 swing low to the $1,700 high.

At present, Ethereum is trading above $1,660 and is supported by the 100-hourly Simple Moving Average. The formation of a key bullish trend line with support around $1,645 on the hourly chart of ETH/USD is evident. This trend line aligns closely with the 61.8% Fibonacci retracement level of the aforementioned upward move from the $1,620 low to the $1,700 high.

As for potential resistance levels, $1,700 poses an initial challenge, followed by a more substantial resistance at around $1,720. The next significant hurdle is at $1,750, where bearish pressure could become noticeable. To sustain its upward momentum, the price needs to establish itself above the $1,750 resistance level.

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In this scenario, Ethereum could initiate a robust rally towards the $1,880 resistance, with further gains potentially opening the path to $2,000.

Related: Bitcoin Advocate Javier Milei Faces Setback Ahead of Argentine Presidential Election

However, if Ethereum struggles to breach the $1,700 resistance, a downside correction may begin. The initial support on the downside is situated around the $1,660 level. Subsequently, the key support is at $1,645 within the trend line zone. If the price drops below this support level, it might extend its decline towards $1,620, accompanied by the 100-hourly Simple Moving Average. Any further losses may lead Ethereum down to the $1,550 level.

In terms of technical indicators, the hourly MACD for ETH/USD is showing increasing bullish momentum, while the hourly RSI has risen above the 50 level.

Key Support Level: $1,645

Key Resistance Level: $1,700

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