Bitcoin has made a quick run to the $41,000 mark with the overall price remaining bullish. BTC is likely to retest the $42,000 zone as resistance, which earlier had been a support. At the time of writing this article, Bitcoin was up 2.94% over the last 24-hours, whilst Ether gained 2.12%:
Bitcoin (BTC): $41,318
Ethereum (ETH): $3,117
The top two cryptocurrencies are showing signs of a turnaround. Ether is close on the heels of BTC. Bitcoin’s price volatility has a drastic impact on Ethereum. If BTC price gains, so do Ether’s, and if there is a slip, Ethereum slips too. Ether’s price is very much dependent on Bitcoin’s movement.
Tech Dev, a popular Bitcoin technical analyst, says times change, assets chain, but macro aggregate human behavior usually doesn’t. Will Clemente, the lead insights analyst at Blockware Solutions, highlighted that Bitcoin is in the zone of heavy opportunity as per data compiled by Glassnode. He said this is also the longest time BTC has ever spent in the zone. Another analyst believes the popular crypto is ready to make a dramatic move based on the Gaussian and Guppy metrics. But he is unsure as to which way it will go. The analyst just pointed out that things are bound to be explosive “soon”.
Meanwhile, the altcoins have made slight gains. Avalanche (AVAX) is the biggest gain with 5.39% in the last 24-hours. Terra LUNA is up by 3.39%, Polkadot by 2.76%, Cardano gained 2.16% and Solana 1.72%.