Well, there it is. After weeks of stagnation and prolonged inactivity, Bitcoin’s price has taken off and, fortunately for the bulls, in an upward direction.
The entire market has taken a positive swing as it’s all painted green today, so let’s have a look.
Bitcoin Price Challenges $30K Again
Following weeks of considerable inactivity and a complete absence of any kind of volatility, the market has finally awakened from its slumber.
Bitcoin’s price took for the skies and is once again challenging the critical support – both psychological and technical – at $30K.
In fact, the cryptocurrency was able to briefly surpass this level, but, unfortunately, the buyers were unable to maintain the pressure, and bears managed to push the price back below it, as seen in the following chart:
It’s worth noting that this also caused a spike in liquidations throughout the market, as short sellers got punished. The total number amounts to around $82 million for the past 24 hours, $65 million of which were short positions.
Altcoin Market Also Green
The majority of the altcoins are also painted green, charting somewhat considerable gains throughout the past 24 hours. This is true for all of the major altcoins by means of total market capitalization, as seen in this heatmap:
That said, one of the best performers altogether is Shiba Inu (SHIB). The meme coin exploded by a massive 9% throughout the day and is now extending its rally that started last week. It’s interesting to see if this will continue in the following days.
It’s also worth noting that the market sentiment has improved, as somewhat expected. The interesting thing to watch now is if this is just a quick bounce to major resistance areas or if it will shape up into a more resilient and sustained bullish rally. Time will tell.
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Cryptocurrency charts by TradingView.