The weekend has been a big one for crypto markets, with BTC skyrocketing to a new multi-month peak at around $31,000.
Moreover, the move has pushed total market capitalization to $1.19 trillion, its highest level since mid-August.
Solid Bitcoin Weekly Close
Bitcoin prices neared $31,000 during the Monday morning Asian trading session. This is the highest they have been since mid-July, marking the fourth time the asset has visited this price level in 2023.
Analysts have observed the bullish weekly candle close, wiping out all losses over the past two months.
A beautiful weekly close- reclaiming the level from which we broke down from nearly 2 months ago that led to the biggest liq event we have seen since the FTX collapse/bottom at 15k.
If you’re lucky we get a clean retest of the green zone before continuation.
— CrediBULL Crypto (@CredibleCrypto) October 23, 2023
Moreover, BTC dominance is over 52%, its highest since April 2021. Analyst ‘CrediBULL Crypto’ said Bitcoin “is on the verge of a massive breakout, and dominance is going a lot higher before it shifts back to a downtrend.”
Bitcoin’s 11% gain over the past week has moved MicroStrategy’s massive $4.6 billion investment back into the green. Nevertheless, traders have identified a head and shoulders pattern that could lead to another downside if it plays out.
We still have our potential HS. Very symmetrical and high likelihood of playing out.
It confirms on a 25k breakdown and invalidates on a 31.8 breakout.$BTC.D has bear divs so I’d argue it doesn’t play out but we shall see.#bitcoin #cryptocurrency #cryptonews pic.twitter.com/qaKIjHcPjy
— Roman (@Roman_Trading) October 22, 2023
Nevertheless, Bitcoin’s 2% daily gain has been dwarfed by the double-digit pumps for a handful of altcoins. ‘CrediBULL Crypto’ commented:
“The 5 out of 10,000 alts that are pumping right now are not the norm they are the exception- which is also why they have barely made a dent on BTC dominance.”
Five Flying Altcoins
Chainlink’s LINK has made a whopping 17% over the past 24 hours to reach $10.74 at the time of writing. The asset is now up 44% over the past seven days and is the top-performing altcoin today.
LINK has smashed through resistance at around $8 to reach its highest price since May 2022, when the Terra/Luna ecosystem collapsed.
AAVE is also on a tear, gaining 11% over the past day to hit $78.90 at the time of writing. However, it has returned to 2023 resistance levels that were last hit and rejected in mid-July.
Fantom (FTM) has also gained 11% on the day to reach $0.221. This is its highest price since the mid-August market dump.
Polygon (MATIC) is up 9% to reach a ten-week high of $0.621 at the time of writing. Meanwhile, Aptos (APT) has gained a similar amount over the past 24 hours to reach $6.20, its highest since mid-August.