Bitcoin breaks $43k for the first time since May and has made a high. The token has been rallying and is showing really bullish nature. This has resulted in other altcoins do pretty good as well. Ethereum has neared the $3,000 price point, and is currently trading at $2,950. Other altcoins are too, have started bouncing back after getting bottomed out after the market crash. Bitcoin’s break out also indicates the beginning of the next bull run phase, but this could also be a bull trap that we are witnessing before a complete bear market.
Bitcoin shows bullish nature
After BTC broke the 200 daily EMA, it showed a pretty bullish sentiment and carried all altcoins along with it. Ethereum has also shown pretty good gains after Bitcoin started to show bullish nature. Bitcoin’s next level was the $40k-$42k price segment which it did break but faltered back. But it rose back again after the market became bullish with the London fork of Ethereum. After this, Bitcoin has straight rallied to nearly $44k and is currently trading above $43k after a little pullback.
Bitcoin now faces resistance at $45k which will be very important to clear for the bull run to resume. After that, the next important level will be $48k-$50k. Reports also suggest that the entire market crash was manipulation which was used as an opportunity by whales to accumulate BTC at a lower price.
Ethereum and other altcoins follow suit
Bitcoin’s bounce-back has triggered fast gains for altcoins today. Most good ones are recovering pretty fast, but some are still not doing great. Dogecoin, Safemoon are one of the tokens that are still bottomed out and haven’t shown any massive surge in price even after the rally. Ethereum has already approached $3,000, which is halfway through the gains it lost after the crash. So, if Bitcoin is able to flip $45k from resistance to support and moves towards $50k, $4,000 doesn’t seem to be much distant for Ethereum.
What are your thoughts on the market sentiment as Bitcoin breaks $43k? And do you think that we will see another bull run soon? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.
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