The Bitcoin volumes have spiked across exchanges which is a bullish sign. The entire Crypto market has added over $10 Billion in market value in a single day but make no mistake the trend is still bearish.
After tanking as low as $3122, Bitcoin (BTC) finally is having a relief rally. Bitcoin dominance still stands around 54% with the entire market cap hovering around $131 Billion.
Image Source: Tradingview
The next immediate resistance is around $4500, $5000 and $6000 which is a strong resistance as it was a strong support level when Bitcoin was hovering around $6000-$7000 range.
Crypto Dog, one of the Crypto trading gurus reminded even before the rally started that there might be small runs but we are still in a “Macro Bear Market” which would mean the prices have not bottomed yet.
Another Crypto Twitter personality SwenLink tweeted his strategy accumulate around $3000-4000 prices and sell around $5500 price levels.
The Federal Reserve on Wednesday Increased interest rates by a quarter of percentage point which has had a negative effect on stock markets and oil prices across the US. The dollar is less likely to go up and might get weaker at its local price levels which could be good for high-risk assets like Bitcoin.
A majority of altcoins have also surged along with Bitcoin. Notably, Bitcoin Cash (BCH) increased an impressive 37% while its rival Bitcoin SV increased 14%. XRP and Stellar appreciated by a modest 1.4% and 1.8% respectively. Blockchain development platform Stratis increased by almost 30% and the Blockchain oracle solution Chainlink increased by over 20%.
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