• Bitcoin (BTC) and Ether (ETH) have recovered, which has improved traders’ sentiment.
• Altcoins such as ARB, VET, and STX are likely to benefit from the crypto recovery.
• Bitcoin is trading near a major resistance level of $31,000; if it breaches this level, the BTC/USDT pair could start another leg of its up-move toward $40,000.
Bitcoin and Ether Recovery Boosts Traders’ Sentiment
Bitcoin (BTC) made a new 52-week high on June 23, indicating that bulls are on fire. Buyers have managed to hold onto a large part of the gains made during the week signaling that they are in no hurry to book profits. Bitcoin climbed 16% this week outperforming the S&P 500 Index which fell 1.39%. Similarly, Ether (ETH) is also showing signs of starting a bullish move with Glassnode data revealing that Ether balances on exchanges dropped sharply in the past 30 days and hit a new low of 12.6%.
Altcoins Likely to Benefit from Crypto Recovery
The recovery in cryptocurrencies is not limited to just Bitcoin and Ether with several altcoins rising sharply from their respective lows signaling solid buying at lower levels. This indicates that bearish sentiment may be waning which could trigger buying activity in altcoins such as ARB VET and STX.
Price Analysis of BTC/USDT Pair
Bitcoin has been trading near the $31 000 level for the past four days suggesting that bears are protecting this level but bulls have not given up yet. An upsloping 20 day exponential moving average ($28 085) and RSI in overbought area indicate advantage to bulls; if buyers kickstart and sustain price above $31 000 then BTC/USDT pair could start next leg of upmove towards $40 000 mark with resistance being seen at $32 400. On contrary any break below key support at $29 500 could result in slide towards 20 day EMA remaining key level to watch out for any weakness being indicated by break below it resulting in further downside movement for pair eventually leading towards bearish zone again.
The crypto market appears to be turning bullish again with both Bitcoin and Ethereum making higher highs along with other altcoins also showing positive momentum indicating buyers’ presence at lower levels thus reducing bearish sentiments across board; however traders need to remain cautious due recent SEC’s actions against Binance & Coinbase which might be one factor driving current rally although further upside movement for BTC/USDT is possible if buyer can breakthrough key resistance at $31K successfully otherwise move back towards bearish zone cannot be ruled out either.
Cryptocurrency trading involves significant risk due its volatile nature; prices can fluctuate drastically due numerous factors like news announcements regulations changes or even hacking resulting in potential losses; therefore investors must do thorough research before investing in any crypto asset understanding all risks associated before deciding whether or not invest money into it