Altcoins rally as bulls pile into large-cap tokens and layer-1 projects

The cryptocurrency market provides investors with another day of ‘altseason’ as the majority of altcoins in the top 100 on CoinMarketCap rallied today. Several large-cap tokens reached multi-year highs and this all took place as Bitcoin (BTC) price struggles to hold any of the news-event-driven gains that it has accrued throughout the week.  One of the most notable performances has been put on by Ethereum Classic (ETC), the “unaltered” Ethereum (ETH) fork that has been gaining traction over the past week as its dedication to a proof-of-work consensus mechanism attracts…

Bitcoin clips $58K as Dogecoin stalls and adoption news fuels bulls

Bitcoin (BTC) touched $58,000 on Thursday as the latest phase of its comeback seemed to come at the expense of altcoins. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin claws back lost limelight Data from Cointelegraph Markets Pro and TradingView showed BTC/USD’s return to battle familiar resistance near old all-time highs on Thursday. The move builds on strength from earlier in the week. As Cointelegraph reported, Wednesday saw $57,000 and 5% daily gains. As analysts began to note, however, altcoins are facing increasing pressure from a newly invigorated Bitcoin, which just…

Dogecoin (DOGE) Surges 50%, Here’s Why The Bulls Are Not Done Yet

Dogecoin remained strong and it rallied further above $0.5000 against the US Dollar. DOGE surged over 50% and it traded to a new all-time high above $0.6500. DOGE extended its rally and it cleared the $0.5000 and $0.5500 resistance levels against the US dollar. The price is trading well above the $0.5000 zone and the 100 simple moving average (4-hours). There is a key bullish trend line forming with support near $0.4800 on the 4-hours chart of the DOGE/USD pair (data source from Bitfinex). The pair is likely to continue…

Bitcoin Trims Gains, Here’s Why The Bulls Could Struggle Near $57K

Bitcoin price failed to continue higher towards $60,000 against the US Dollar. BTC declined sharply and tested the $54,500 support zone, where the bulls took a stand. Bitcoin failed to extend gains and it formed a short-term top near the $59,000 level. The price is now trading well below the $57,000 level and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $57,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct losses,…

Ethereum bulls control 100% of this week’s $470M ETH options expiry

On May 7, a total of $470 million in Ethereum options are set to expire, and slaughter is really the only word that describes what is about to happen to bearish Ether traders. Currently, almost every single one of the 75,909 put (sell) option contracts will become worthless if Ether manages to remain above $3,100 until Friday 8:00 AM UTC. Ether’s growth has been fueled by decentralized finance (DeFi) growth, which has recently surpassed $60 billion in net value locked, according to Debank. Yat Siu, the chairman and co-founder of…

Bitcoin bulls attack $57,000 and altcoins rally as April comes to a close

Bitcoin (BTC) and the overall cryptocurrency market sprang to life on April 30 as an uneventful close to this month’s $4.2 billion options expiry occurred without any signs of controversy.  Data from Cointelegraph Markets and TradingView shows that after a brief dip below the $53,000 support level on April 29, the price of Bitcoin staged a 10% rally back above $57,400 by midday. BTC/USDT 4-hour chart. Source: TradingView The revelation from MicroStrategy CEO Michael Saylor that the company saw a 52% surge in revenue compared to the same quarter last…

Bulls push Ethereum price higher ahead of Friday’s $930M options expiry

The last couple of weeks have been nothing short of a roller coaster for Ether (ETH), which oscillated between $2,000 and a record-high $2,650. The 20% crash on April 17 caused a $1 billion liquidation on long futures contracts, and it also drastically reduced investors’ appetite for risk. Ether (ETH) USD price at Coinbase. Source: TradingView However, as displayed above, the 28% gain over the last couple of days caused the open interest on Ether futures to reach $8.2 billion, which is just 5% below its April 15 record. A…

Bitcoin Price Breaks Hurdle, Here’s Why Bulls Could Aim $58K

Bitcoin price gained pace and it cleared the $53,000 resistance zone against the US Dollar. BTC is consolidating and it seems ready for more gains above $54,000. Bitcoin remained well bid and it was able to clear the $53,000 resistance. The price is now trading well above $52,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $54,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue higher above the $54,000 and $54,500…

Altcoins hit new highs after bulls kick Bitcoin price back above $50K

Cryptocurrency investors breathed a sigh of relief on April 26 as the sharp reversal in the price of Bitcoin (BTC) was accompanied by a market-wide recovery that has a majority of altcoins seeing green. It’s likely that the breakout was aided by bullish assessments from JPMorgan analysts and PayPal’s announcement that demand for purchasing cryptocurrencies had surpassed expectations.  Data from Cointelegraph Markets and TradingView shows that after bouncing off a low near $47,000 on Sunday evening, Bitcoin roared back above the $50,000 support level in the early trading hours on…

Bitcoin bulls respond with a $150M short squeeze above $53K — Can BTC go higher?

Roughly $150 million worth of shorts were liquidated within a span of hours as the price of Bitcoin (BTC) rose from around $47,000 to over $53,000 on April 26. The cryptocurrency market as a whole saw a strong short squeeze, as Ether (ETH), Binance Coin (BNB), and other major cryptocurrencies also rose by around 15% in the same period. Following Bitcoin’s 12% recovery within a single day, the futures market has completely reset, with funding rates hovering at neutral levels. Why today’s Bitcoin short squeeze is bullish A short squeeze…