As the crypto market bounces back, Bitcoin marks a 24-hour high above the $64,000 mark. The BTC price has increased by 7.90% this week, followed by a 7.7% recovery the previous week.
Bitcoin price marks a 24-hour high above the $64,000 mark as the crypto market bounces back from a bearish spell. With a 7.90% increase this week, BTC fiyatı follows a 7.7% recovery the previous week.
Supporting the bullish trend, the Bitcoin ETF market bounced back yesterday with $158.3 million in total inflows. The total net Bitcoin held by the ETF market is worth $57.82 billion, with zero negative flows. This indicates a continuous demand for Bitcoin among institutional investors, as the ETF market reflects the collective holdings of Bitcoin by various Exchange-Traded Funds (ETFs).
As the overall sentiment for Bitcoin continues to improve, suggesting a positive outlook for the flagship cryptocurrency, let’s quickly analyze Bitcoin, Ethereum, and their relation to find the next altseason’s arrival.
Bitcoin Price Performance
In the daily chart, the BTC price action reveals a massive surge in bullish momentum. With this bounce back in the recovery run, the BTC price has increased by almost 18% in the past two weeks.
As the recovery run hits the 50% Fibonacci level at $63,847, Bitcoin delays the death cross between the 50-day and 200-day EMA. As the 50-day EMA witnesses an uptick, the daily RSI line approaches the overbought boundary, hitting 63.60.
Currently, Bitcoin is testing the neckline and completes a rounding reversal with the neckline at the 50% Fibonacci level. A breakout above the 50% Fibonacci level will increase the chances of Bitcoin testing the overhead trendline near $67,500.
The overhead trendline completes a falling channel pattern of a long-coming bullish flag. Hence, an upside breakout of this trendline will result in a massive bull cycle at a breakneck speed.
Based on the Fibonacci levels, the upside targets for Bitcoin are at 68.60%, 100%, and 1.618 levels at $67,471, $73,679, and $85,832. However, the long-coming high-supply resistance trendline will be tough to break.
It is possible that the Bitcoin price takes a minor pullback for a retest of the rounding-bottom breakout at the 50% Fibonacci level near the $64,000 mark. Below this, the crucial support for Bitcoin is the dynamic 50-day EMA.
Curious about Bitcoin’s bull run in October? Check out Coinpedia’s Bitcoin (BTC) Price Prediction for an overview of long-term targets!
Ethereum Crosses $2500
As the Bitcoin price gains momentum, the ETH price reflects a trend reversal rally in the daily chart. The ETH price action reveals a falling wedge breakout by surpassing a local resistance trend line.
The breakout rally tests the 50-day EMA, which acts as the dynamic resistance trend line. Like Bitcoin, the ETH price marks four consecutive bullish days, accounting for a price jump of 11.76%.
This challenges the overhead resistance of $2,576 at the 23.60% Fibonacci level. As the breakout rally teases a trend reversal pattern, a surge above $2,600 will challenge the 200-day EMA near the 38.20% level of $2,860.
ETH/BTC Pair Resurfaces Above 0.040 Bitcoin
As the Ethereum price gains momentum, the ETH gains dominance against Bitcoin, as depicted in the ETH-BTC price chart. In a falling channel pattern, the weekly chart reflects a positive cycle starting for ETH against Bitcoin, as it takes support from the declining trend line.
The bullish recovery comes after four consecutive bearish weeks, dropping it under 0.040 BTC, a crucial psychological mark for the first time since 2021. The bull cycle reclaims the 0.040 BTC mark with an intra-week gain of 2.55%, signaling a bullish cycle.
Further, the ETH dominance against Bitcoin will likely hit the 0.050 BTC mark as the broader market recovers and the altcoin segment heats up. Supporting the bullish cycle, the RSI line finds an uptick near the oversold boundary, reflecting a bullish comeback.
Keen on learning the long-term prospects of ETH price? Our Ethereum Price Prediction is a must-read for all curious minds!
Conclusion
With the BTC price close to $64K and Ethereum attempting to regain dominance, the altcoins will witness a boost in demand. Further, the crypto market cap, excluding Bitcoin, jumped 7.42% this week to surpass the $900B mark.
Hence, the altcoin season is
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