Monday has started on a high note in the crypto space as the dominant BTC has moved to the $40K resistance level. This happened in just a matter of few hours where BTC moved from $35K to $39,800.
The price action is a bullish move that indicated a short squeeze as the price accelerated by 15% to almost $40K in less than three hours. According to Willy Woo’s Twitter, if Bitcoin has maintained at that price level, it will lead to an RSI price breakout. The past five days have been a gaining chain for BTC as it moved from $30K to 34K and finally to $38,500. Coinmarket’s data suggests that in comparison to the top 30 crypto assets, Bitcoin is the best performer in the last 24 hours.
Technical indicators indicate there is a bullish rally meaning bitcoin is moving above its 50-day moving average.
Cryptos are gaining
Today has been a good day for most cryptos. Polkadot’s DOT and Chainlink’s LINK are among the top beneficiaries as they both gained more than 11% in 24 hours. Contrary to expectation, Dogecoin also gained but not as much as anticipated. IT gained by less than 9% despite it being rallied by Elon Musk on Twitter. The Dogecoin hype is cooling down with time. Most top altcoins by market capitalization performed better comparatively.
There were also high expectations for Ether, considering there is an upcoming London upgrade for ethereum. It gained by 7% in 24 hours, which is lower than anticipated. From the top 10 altcoins, ETH was the worst in terms of performance in the last 24 hours.
What does that indicate?
There is every obvious sign that the bulls are at work, and Bitcoin is steadily gaining momentum. This also shows that the volatility of the crypto market is still on. ETH is the second-largest altcoin, meaning it would be the second-largest gainer. The altcoin market also has volatility cycles that are not ending soon.