Bitcoin is expanding its lead in the friendly overall crypto market and is trading almost three percent higher at around $ 44,700 on Sunday morning on a 24-hour basis. Not only the technical situation, but also the mood among market participants is suddenly bullish again.
It was just 19 days ago that Bitcoin threatened to leave the medium-term sideways trend downwards. But starting from the low at that time at $ 29,361, it rose again at its peak by 54 percent and even surpassed the $ 45,000 mark for a short time this Sunday morning.
Thanks to the strong upward movement, the digital reserve currency has cracked the horizontal resistance in the area of 41,500 dollars and left the stubborn sideways trend upwards – a technical buy-signal, which is confirmed by the recent follow-up gains. In addition, Bitcoin is now trading at its highest level since the flash crash on May 19.
In the case of minor setbacks, which would not be surprising after the strong run of the past few days, the support can stop at around $ 41,500. On the upside, however, the focus is on the resistance zone around $ 48,000. It’s next to crack on the way back towards the all-time high of $ 64,863.
Together with the chart image, the mood on the crypto market has also improved significantly. If the Crypto Fear & Greed Index signaled “fear” or “extreme fear” just two weeks ago, the current index level of 74 points already indicates “greed” again. This is also a new high since mid-May.
Bet on Ethereum ignites
For the other cryptocurrencies, the mood over the weekend is also predominantly positive. The overall market increases by around three percent on a 24-hour basis. A little better than the market and Bitcoin is performing Ethereum with a plus of more than five percent. This is where the “London” hard fork has an effect and ensures a weekly plus of more than 20 percent and the breakout above the 3,000 dollar mark – excellent conditions for the SHAREHOLDER’s current trading bet.
Note on conflict of interests:
The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments referred to in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin, Ethereum.
Author Nikolas Kessler has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.
Shares or derivatives that are discussed / mentioned in this article are in the “SHAREHOLDER Depot” of THE SHAREHOLDER.