The bitcoin correction took it down a total of 21%. Since then, the price has refused to go lower, and now there is even a chance of an assault on $44,000 and above.
Bullish stock market shows the way for bitcoin
The stock market continues to make all-time-highs, as the Federal Reserve seems unable to make the market believe that rate cuts are not close. The forward-looking market knows that the Fed pivot has to happen, and when it does, liquidity will come flooding back.
The same can probably be said of the crypto market. Bitcoin just refuses to go down further. Many had expected a much deeper correction than the 21% that was recorded. That said, bitcoin has broken back above its bullish trend and is merrily consolidating there, perhaps with a view to climbing further.
$BTC consolidates above trend
Source: Coingecko/Trading View
The $BTC price is currently fighting the resistance at $43,000. If it can break through then the next target could be to break the resistance at $45,000 and get back into the upward sloping channel.
Altcoins simmering nicely
With bitcoin steady as she goes, many of the altcoins are starting to accelerate to the upside, taking advantage of the safety found in bitcoin’s stability. To add to this, Bitcoin dominance looks as though it might have found a top for now and is 0.40% down on the day.
Chainlink (LINK) has broken out of a range and is currently 4.5% up for the day at $17.94. Pyth (PYTH) continued its parabolic move from Thursday and just touched $0.60 before losing some of its gains. The entire move from Thursday through to Friday morning saw $PYTH record a gain of 55%.
If $BTC can make its assault on $45,000 and close this week above, altcoins, which are currently simmering nicely, might be expected to explode. Exciting times may be ahead.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.