Bitcoin price rose to near $17,400 as the cryptocurrency market is seeing green shoots

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(Kitco News) – Cryptocurrency proponents welcomed the widespread green sight on Monday after a prolonged period of sideways trading that left many wondering if the market will ever break out of the cryptocurrency winter doldrums it has been trapped in for months.

Similarly, the stock market got off to a hot start as the technology sector helped push major indexes higher. But prices reversed course in the afternoon as a loss of momentum led to a negative close for the S&P and Dow which closed down 0.08% and 0.34% respectively, while the Nasdaq managed to hang on to gains of 0.63%.

Data from TradingView shows that Bitcoin (BTC) rose to a daily high of $17,389 on Monday afternoon before retreating to support near $17,200 as bulls and bears now vie for control of the price action.

4 hour BTC/USD chart. Source: TradingView

The move higher has helped the bulls “gain bullish technical momentum,” according to Kitco Chief Technical Analyst, Jim Wyckoff, and they are “now working on an emerging bullish price trend on the daily bar chart.”

However, the bulls should remain vigilant and continue to push higher, Wyckoff said, as “strong graphical resistance lies above the market now.”

For analysts at Eight Global, bitcoin’s current price action suggests that “there is still plenty of room to run” given that the fair value gap (FVG), which “often acts as a magnet for price,” is between $18,350 and $20,150.

“We can see two very clear areas on the chart, which is the demand area around $16.9-17k and the supply area around $17,350-$17,550. So these are the areas we will watch for longs and shorts, but as always we will only take a position when it is We have the right affirmations.”

4 hour BTC/USD chart. Source: TradingView

In the event of Bitcoin starting to fall, Eight Global identified the $12,500 weekly support as “a level that a large number of investors will be watching,” but suggested that “there is little chance of reaching these levels anytime soon.”

As for why now is not a good time to go ahead with the recent positive moves, Eight Global founder Michaël van de Poppe posted the following tweet outlining the upcoming events of the week, which could lead to a spike in volatility in the cryptocurrency market.

Multiple altcoins win over 20%

The altcoin market followed Bitcoin’s lead higher on Monday, with all but a handful of tokens in the top 200 posting positive gains on the day.

Daily cryptocurrency market performance. Source: Coin360

Several projects saw gains of over twenty percent, including a 38.07% increase for Aptos (APT), a 25.96% increase for Zilliqa, a 24.64% increase for Nervos Network (CKB), and a 24.57% increase for Gala Games ( Gala).

The total cryptocurrency market cap is now $850 billion, and the Bitcoin dominance rate is 39.1%.

Not giving an opinion: The opinions expressed in this article are those of the author and may not reflect the opinions of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, Kitco Metals Inc. cannot. Nor does the author guarantee this accuracy. This article is for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. does not accept The author of this article will not be held liable for losses and/or damages arising from the use of this publication.

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