In a surprising turn of events, Bitcoin defied expectations of a significant dip and experienced a sudden upward surge, marked by two hourly candles showing an uptick of over 3%. This unexpected rally has also prompted a positive movement in altcoins.
The crypto market, known for its unpredictable nature, has kept investors and speculators intrigued. Despite prevailing concerns and anxiety in the market over the past few days, Bitcoin’s strong rally on Friday caught many off guard. The question now is whether this upward momentum will carry Bitcoin to the $44,000 price region or if it’s merely confirming resistance at $41,300.
Bitcoin’s Interaction with Resistance
Examining the 4-hour chart, Bitcoin (BTC) has approached the resistance level established on Monday. There haven’t been any significant movements beyond this resistance, suggesting that this could be a touchpoint confirming resistance before a potential price reversal.
Altcoins Benefiting from the Surge
Regardless of Bitcoin’s future direction, this upward move has injected vitality into altcoins that were experiencing a gradual decline alongside Bitcoin’s downward trend. The total market capitalization of altcoins saw an increase, reaching as high as $472 billion from the starting point of $461 billion on the day.
Some notable performers among altcoins include Near Protocol (NEAR), with an approximately 10% increase, Dusk (DUSK) showing a peak rise of 24% before settling at its current price of $0.27, and Ethereum Name Service (ENS) gaining 13%.
It’s important to note that at the time of this update, Bitcoin appears to have encountered resistance at the $41,300 level, coinciding with the underside of its bullish trend line. This juncture could be a potential rejection point, emphasizing the need for cautious trading.
