The crypto market posted high gains for the second day after the weekend sell-off, making the market look like a bloodbath.
Data from TradingView showed that Bitcoin soared above USD 54,000 in Tuesday’s early trading hours. At the time of writing, the pioneering cryptocurrency is trading at $ 55,152, a 4.08% gain in the past 24 hours. It appears bulls are aiming to break the USD 55,000 resistance to enable a possible rally towards USD 58,000.
Bitcoin Eyes $ 58k
Organic growth has resumed in the BTC market. The point controlled BTC bounce back looks durable.
In a tweet On April 27, analyst Lex Moskovski noted that futures interest rates indicate that this week’s BTC rate was completely organic.
Funding rates are a popular measure of the health of BTC price movements. They essentially show which traders are on the right side of the bet (long or short) – a high funding rate on a platform means that longs ‘pay’ short, while low funding rates imply the opposite.
Negative prices are what analysts look for when determining whether upside potential is likely to continue or expected in the near term.
Conditions are right now – the move to $ 55,000 was likely not fueled by speculative trading moves, Moskovsky said.
“Funding is very low and healthy. This run-up in Bitcoin got off the ground and looks sustainable. ” He wrote.
Related article | Bitcoin funding rates drop flat for weeks as the market pauses
Alt season in full swing
Despite Bitcoin’s promise to rise in a matter of days, many of the alt coins have witnessed a massive price increase.
Lower gas costs following the upgrade of the Ethereum network in Berlin, along with an increase in institutional purchases and decentralized finance, pushed the price of Ether to a new high of $ 2,680.
Several altcoins saw their prices hit new record highs next to Ether on Tuesday.
XRP registered a significant price hike of a whopping 27 percent in the past 24 hours. The coin traded at $ 1.43 and moved closer to the $ 1.5 resistance; there are also two strong supports at USD 1.25 and USD 1.03 should a trend break occur.
Aave’s price was up 5 percent in the past 24 hours and traded at $ 402 with a 24-hour trading volume of $ 636 million. The coin is likely to hit against a strong resistance at USD 415 – a level that was last breached on April 18.
Dogecoin has now become a top 10 stack in the crypto market. For the past day, DOGE saw a marginal price improvement and traded at $ 0.26. Unlike the other coins, DOGE’s price action remained extremely range-bound, trading between the USD 0.25 support and the USD 0.30 resistance.
Related article | Ethereum is gaining momentum, here’s the chance of a run to $ 3K
Polygon (MATIC) continued its strong rally, rising to $ 0.75 before taking a short breather. Uniswap (UNI) also saw its token price hit an all-time high of $ 40.50 after rallying 17% from the lows on April 26.
The total cryptocurrency market cap is now at $ 2.08 trillion and Bitcoin’s dominance is 49.81%.
Featured image from Pixabay, Charts from Tradingview.com and Coin360