The bullish momentum in the global cryptocurrency market remains strong, driven by major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The overall market capitalization has reached $2.7 trillion, showing a 10% increase in the past day. The trading volume has also surged, surpassing $221 billion in the last 24 hours.
Bitcoin (BTC) continues its upward trend, with a 13.8% price increase over the week. In the past 24 hours, BTC has risen by 1.6% and is currently trading at $69,871. Although it has retraced slightly from its 24-hour high of $71,650, this pullback appears necessary as BTC touches a demand zone at its current price levels, potentially setting the stage for a further rally.
Ethereum (ETH) closely follows with an impressive 20% increase in the past 24 hours, continuing its week-long rise of 29.4%. This surge in ETH’s price is largely attributed to positive developments regarding the approval of Ethereum spot ETFs by the SEC, which has jumped from 25% to 75% according to Bloomberg analysts. While trading at $3,730, there is a potential retracement to around $3,644 to test a significant demand zone, similar to Bitcoin’s market behavior.
Despite having the lowest market cap on this list, Optimism (OP) ranks 46th among the largest cryptocurrencies. It has seen a 6.9% increase in the past 24 hours and 16% over the week, currently trading at $2.8. However, the 2-hour chart indicates a potential bearish turn as OP tests a major supply zone and liquidity level. This suggests a significant retracement to the next swing low at $2.27, with a bearish engulfing candle indicating strong buying pressure in the market.
Arbitrum (ARB) has also experienced bullish momentum, with a 13.7% increase in the past 24 hours and 24% over the week, now trading above $1.17. The price chart suggests a potential strong retracement until the price reaches the next swing low, which could mean a drop to as low as $0.93 before any further bullish continuation.
Dogecoin (DOGE) has seen a 4.7% increase in the past 24 hours and 14.7% over the week, currently trading above $0.16. The price chart shows that it recently broke structure, trading above a recent lower high. However, the candle was unable to close above this broken high and is now showing signs of reversal. While sentiment may remain bullish for DOGE, this reversal could be necessary to clear out some liquidity on the sell side before continuing its upward rally.
In conclusion, the cryptocurrency market is currently showing a vibrant and upward trajectory for major cryptocurrencies. Bitcoin and Ethereum are leading the way with significant gains and are approaching key resistance levels. Both assets exhibit patterns that suggest a brief retracement could precede further rallies. Optimism and Arbitrum, although smaller in market cap, are also participating in the bullish sentiment but show signs of potential retracements that could provide strategic entry points for investors. Dogecoin, with its meme-inspired allure, is maintaining momentum but faces immediate resistance that might lead to short-term pullbacks before continuing its ascent.
