1 year ago
Bitcoin continues to propulsion to the upside closing respective regular candles connected the green, positively impacting the crypto market. At the aforesaid time, the benchmark cryptocurrency trends upwards, and the wide sentiment shifts into greed territory for the archetypal clip since May 2022.
At the clip of writing, Bitcoin (BTC) trades astatine $20,850 with a 1% nett successful the past 24 hours and a 9% nett successful the erstwhile week, respectively. Ethereum (ETH) and Dogecoin (DOGE) are the champion performers successful the apical 10 by marketplace headdress connected akin timeframes.
BTC’s terms trends to the upside connected the 4-hour chart. Source: BTCUSDT TradingviewBitcoin Rally Likely To Continue?
Bitcoin and the crypto marketplace displayed a precocious correlation with accepted finances. However, integer assets person been moving against the inclination implicit the past fewer days.
While Amazon, Netflix, Apple, Meta, and different large tech companies tanked owed to debased earnings, Bitcoin broke supra captious absorption astatine $20,500. In that sense, BTC and the crypto marketplace closed successful the greenish with the play approaching.
With accepted markets closed, cryptocurrencies are escaped to people much profits. The bullish momentum extended connected traders’ disbelief and due to the fact that of Dogecoin and Ethereum’s propulsion to the upside.
The king of the meme coins rallied this Friday aft Elon Musk confirmed the acquisition of the societal media level Twitter. The bullish terms enactment successful the crypto marketplace led galore traders to unfastened abbreviated positions, fueling immoderate higher upside trend.
When highly leveraged positions are liquidated, the marketplace tin proceed the trend. This presumption quo volition apt persist implicit the play but mightiness look headwinds during the week. According to crypto expert Justin Bennett:
That beardown adjacent to the week from equities is astir apt crushed capable for #crypto to pump this weekend. Throw successful the monolithic $BTC abbreviated liquidations supra $21k, and you person different reason. I’m little optimistic astir Monday though fixed wherever equities closed connected Friday (…). Shorts are inactive piling in, and determination are inactive a ton of liquidations supra these highs. This pump astir apt isn’t done yet.
If accepted markets rebound from past Friday’s levels, Bitcoin and the institution volition follow. A pseudonym trader pointed to the On-Balance-Volume (OBV) indicator, a metric utilized to measurement marketplace momentum. The metric formed a treble bottommost and resumed its uptrend, hinting further appreciation.
#Bitcoin – OBV going beardown aft uncovering a treble bottom. The existent bottommost indicator. pic.twitter.com/s6JgTqjIeT
— IncomeSharks (@IncomeSharks) October 29, 2022
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