Analytics / Forex and Crypto News
The bulls have intensified after the Bitcoin price plummeted below $49000. Over the weekend, they managed to raise the price of Bitcoin to $50000, and today we see a rise in the price of Bitcoin above $53000. At the time of publication, the BTC/USD pair is trading around $53800.
The rest of the market also entered the green zone. Ethereum shows an increase of 8.7%, XRP added 14.9% in price, Binance Coin added 6.9%.
Analysts believe that last week decline in the price of Bitcoin was the start of a new season of altcoins. At the end of last week, investors switched from Bitcoin to altcoins. This theory is supported by the decline in the Bitcoin dominance index. It fell below 50% for the first time since 2018.
Analysts believe that altcoins will perform better than Bitcoin this week. As for Bitcoin, on the hourly chart, the BTC/USD pair has broken through the downtrend line that began to form as a result of the price decline last week. The pair was also able to move above the 100-hour moving average.
Successful breakout and close above $53500 triggered a strong upward move. Now the BTC/USD pair may rise above the $54500 and $55000 levels.
If the bears want to seize the initiative, they will have to pull the price below $51000 and the 100-hour simple moving average for a fresh decline below $50000.