As altcoins rise by 10%, the price of Bitcoin is close to $36,000

Bitcoin (Bitcoin) On Tuesday, it met resistance at $35,000, as the entire cryptocurrency’s upward momentum began to resurface.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

BTC price target range is high

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD hit a 24-hour high of $35,780 on Bitstamp on Tuesday.

The currency pair rose by 4.5% that day, restoring the confidence of traders who were worried about another major correction in the market.

As Cointelegraph Report, The weekend is a self-made story for Bitcoin. Bitcoin bounced back at a price of $30,000 and entered a new week with an impressive comeback.

For the popular trader Crypto Ed, there is now little reason to hold an apocalyptic view of BTC price movements.

“The current BTC short positions are the same as those who believe that BTC will fall below $10,000 in September 2020,” he argued in his paper. Recently updated.

For analyst Rekt Capital, in the context of the recent weekly closing price, there is still potential for further gains.

“At the key weekly support level for BTC, price strength is very stable,” he said to sum up.

“Now this is the 7th consecutive week to be able to reiterate this ~34500 USD level as support.”

BTC/USD 1-week candlestick chart, highlighting support.Source: Rekt Capital/Twitter

Take a look Order data Strong support from Binance, the exchange with the largest trading volume, still exists at $30,000, but there is less buying interest between this level and the spot price of approximately $35,500.

On the other hand, sellers remained at USD 37,000 and USD 40,000.

Bitcoin/USD trading position on Binance.Source: Material Index/Twitter

Tips for “Alternative Season” Return

At the same time, altcoins are keen to take advantage of Bitcoin’s new advantages, and their performance on the day is generally better than BTC.

Ether (Ethereum) Is the largest altcoin by market capitalization, up 9% at the time of writing, and trading at close to $2,200.

related: Due to profit growth, active Bitcoin miners are now “unlikely” to become sellers — data

If Bitcoin increases its losses or obtains more cautious gains, traders are paying close attention to the possibility of a new “alternative season”.

“It looks good so far,” Scott Melk tell Twitter fans.

“Bitcoin prices rise and Bitcoin dominance drops. For trumpets, the current perfect scenario.”

On Tuesday, Bitcoin’s market value dominance was 46%, a slight decline, while the overall cryptocurrency market value was $1.455 trillion.

Chart of Bitcoin market capitalization and dominance. Source: Bybt