Cryptocurrency Friday seems to be a good ending for the markets as BTC is looking for new highs. We have been sharing the views of analysts who have talked about the rise continuing with closings above $ 57,000 for a while. Many analysts were hopeful about this and it seems that these hopes have not been in vain for now.
Bitcoin Price Rising
US markets continue the day with gains, but there is no major increase. While the S&P 500 continues the day with a 1 percent increase Bitcoin $57,974 (BTC) increased by 4 percent. The recent rise that made altcoin investors happy may create more demand for cryptocurrencies in general. Although DXY continues the day with losses, it remains above 101. The dollar index needs to return to double-digit levels with closings below 100.5.
If the sentiment is positive before the Fed meetings, we can see upward attempts. However, depending on the position density in futures, we have also seen moves that will trigger large liquidations in both directions in previous Fed weeks. Therefore, investors should be prepared for surprises.
For BTC, closing above $60,000 and $61,200 could lead to a re-targeting of $64,500. The last long decline was triggered by volume sales at the $65,000 test. Now, buyers need to be encouraged by BTC closing above $59,000.
Cryptocurrencies Comment
The BTC price above $57,800 will open the door to a return for altcoins that have fallen to the bottom with excessive sales. Historical data has already said that the door to consolidation at higher levels has opened in the BTC price between 10-23 days. The fact that assets such as AVAX, SHIB, DOGE have turned their direction upwards again and their gains exceeding 5 percent are positive for cryptocurrencies in general.
Cryptocurrency Total volume on the exchanges is still low for the last 24 hours. The volume of $58 billion indicates a 16 percent decrease compared to yesterday. Considering that low volume increases lead to unsuccessful attempts, we will remember once again that it is too early to rejoice.
Among the top 100 cryptocurrencies, the altcoin that gained the most was CKB Coin, up 53 percent. POL and POPCAT continue the day with 10 percent increases. BTC reached its daily peak at $59,795 at the time of writing.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
