Bitcoin continues to push to the upside closing a number of each day candles on the inexperienced, positively impacting the crypto market. On the identical time, the benchmark cryptocurrency developments upwards, and the final sentiment shifts into greed territory for the primary time since Might 2022.
On the time of writing, Bitcoin (BTC) trades at $20,850 with a 1% revenue within the final 24 hours and a 9% revenue within the earlier week, respectively. Ethereum (ETH) and Dogecoin (DOGE) are the perfect performers within the prime 10 by market cap on comparable timeframes.
Bitcoin Rally Doubtless To Proceed?
Bitcoin and the crypto market displayed a excessive correlation with conventional funds. Nonetheless, digital property have been shifting towards the development over the previous few days.
Whereas Amazon, Netflix, Apple, Meta, and different massive tech corporations tanked as a result of low earnings, Bitcoin broke above important resistance at $20,500. In that sense, BTC and the crypto market closed within the inexperienced with the weekend approaching.
With conventional markets closed, cryptocurrencies are free to attain extra earnings. The bullish momentum prolonged on merchants’ disbelief and due to Dogecoin and Ethereum’s push to the upside.
The king of the meme cash rallied this Friday after Elon Musk confirmed the acquisition of the social media platform Twitter. The bullish value motion within the crypto market led many merchants to open brief positions, fueling any greater upside development.
When extremely leveraged positions are liquidated, the market can proceed the development. This establishment will seemingly persist over the weekend however would possibly face headwinds throughout the week. In line with crypto analyst Justin Bennett:
That robust near the week from equities might be purpose sufficient for #crypto to pump this weekend. Throw within the huge $BTC brief liquidations above $21k, and you’ve got another excuse. I’m much less optimistic about Monday although given the place equities closed on Friday (…). Shorts are nonetheless piling in, and there are nonetheless a ton of liquidations above these highs. This pump more than likely isn’t completed but.
If conventional markets rebound from final Friday’s ranges, Bitcoin and the corporate will observe. A pseudonym dealer pointed to the On-Steadiness-Quantity (OBV) indicator, a metric used to measure market momentum. The metric shaped a double backside and resumed its uptrend, hinting additional appreciation.
#Bitcoin – OBV going robust after discovering a double backside. The true backside indicator. pic.twitter.com/s6JgTqjIeT
— IncomeSharks (@IncomeSharks) October 29, 2022