Bitcoin price nears $36K as altcoins make 10% gains

Jun 29, 2021 | CoinTelegraph News | 0 comments

Double-figure returns not uncommon for altcoins on Tuesday, with Bitcoin facing major resistance on its way toward $40,000.

Bitcoin (BTC) tackled resistance at $35,000 on Tuesday as upward momentum began to resurface throughout cryptocurrency.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC price targets range high

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting 24-hour highs of $35,780 on Bitstamp on Tuesday.

The pair put in 4.5% gains on the day, restoring confidence to traders who were previously afraid of another major market correction.

As Cointelegraph reported, the weekend was a rags-to-riches story for Bitcoin, which bounced at $30,000 to stage an impressive comeback going into the new week.

For popular trader Crypto Ed, there was now little reason to hold a doomsday-style view on BTC’s price action.

“Current BTC bears are the same who were convinced BTC would drop below $10k back in September 2020,” he argued in his latest update

For analyst Rekt Capital, the potential likewise remained for further upside on the back of the most recent weekly close.

“Great price-strength stability at a key Weekly support level for BTC,” he summarized.

“This is now the 7th week in a row that has been able to reaffirm this ~$34500 level as support.”

BTC/USD 1-week candle chart with support highlighted. Source: Rekt Capital/Twitter

A look at orderbook data from Binance, the largest exchange by volume, showed strong support remaining in place at $30,000 but less presence of buy interest between that level and spot price around $35,500.

Sellers, on the other hand, remained at both $37,000 and $40,000.

BTC/USD buy and sell positions on Binance. Source: Material Indicators/Twitter

Hints of “alt season” return

Altcoins, meanwhile, were keen to capitalize on Bitcoin’s newfound strength, broadly outperforming BTC gains on the day. 

Ether (ETH), the largest altcoin by market capitalization, was up 9% at the time of writing, trading at nearly $2,200.

Related: Active Bitcoin miners now ‘unlikely’ sellers thanks to profit boost — Data

Traders were keenly eyeing the potential for a fresh installment of “alt season” should Bitcoin add to its losses or make more cautious gains. 

“Looking good so far,” Scott Melker told Twitter followers.

“Bitcoin price rising, Bitcoin Dominance dropping. Perfect scenario for the moment for alts.”

Bitcoin’s market cap dominance stood at 46% on Tuesday, slightly down, while the overall cryptocurrency market cap was $1.455 trillion.

Bitcoin market cap vs. dominance chart. Source: Bybt

News Source from CoinTelegraph.com

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