Bitcoin price surge — News about a possible recession due to weak US jobs data seems to have done more good than harm to the cryptocurrency market. Despite concerns, Bitcoin and other cryptocurrencies continue to rise.
Bitcoin, the world’s most popular cryptocurrency, may be experiencing a bullish breakout as the $28,000 resistance level appears to be weakening after several tests. A typical altcoin valuation in the highly diversified cryptocurrency market is about $70 billion higher than Bitcoin. However, Bitcoin could establish an edge as investors around the world hide their digital assets, and a price surge is expected soon.
According to data from coin market capitalization Bitcoin’s dominance remained at about 47% on Wednesday, down about 0.2% over the past 24 hours. The downtrend has been attributed to Ethereum reaching his eight-month high of around $1,909.
The data also shows that the market capitalization of common cryptocurrencies rose to $1.2 trillion, up 2.54% in the last day. Additionally, a general market cap rise could mark the beginning of the altcoin season. Coins such as Dogecoin (DOGE), Avalanche (AVAX), Lido DAO (LDO) and Uniswap (UNI) show up signals.
popular crypto analyst @Crypto Faibik Earlier Wednesday, he analyzed in a tweet that Bitcoin was showing signs of a potential breakout. I’m here.
He further said that Bitcoin could experience a surge of over 10% if the breakout rises above 28.7k.
See tweet below.
This means Bitcoin could soon rise and trade above $32,000. So far, Bitcoin has had a strong first quarter of 2023. That momentum will push digital assets further into his second quarter of 2023, which could result in a bear run.
His analysis suggests that buyers may be feeling more confident and empowered, which could push prices even higher. We also mentioned that it could close above and mark the official start of a Bitcoin bull market.
Additionally, he pointed to a historical trend that suggests Bitcoin experienced a significant bull market after breaking the SMA 500. He gave examples from 2012-2013, 2014-2015 and 2020-2021.
Note, however, that this is a prediction based on his own analysis. Other factors, such as global cryptocurrency regulations, could slow the bull market.
first published https://36crypto.com April 5, 2023.
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