Now that the Coinbase (COIN) stock list has disappeared, the trading focus has shifted back to the cryptocurrency market as the Bitcoin (BTC) price works to regain its leg to over $ 63,000 and altcoins soar.
After reaching new staffing levels of around $ 65,000, BTC fell below $ 62,000 before finding some momentum in an area that the fund manager called a “great buying opportunity”.
Data from Cointelegraph and TradingView markets shows that Bitcoin is steadily rising after Wednesday’s correction and the bulls are trying to shift the $ 63,500 level from resistance to support.
4 hour chart BTC / USDT. Source: TradingView
COIN trading slowed on Thursday as the price fell during the early trading hours, closing the day at $ 326.88.
For those wondering how Bitcoin’s current price action compares to previous bulls, Ben Lili, co-founder of Jarvis Labs, says the time it took for BTC to reach its peak after the last half is a good place to start. …
Bitcoin price, after being cut in half in 2012, 2016 and 2020. Source: Jarvis Labs
As shown in the chart above, the current cycle falls somewhere between the halving cycles of 2012 and 2016, with price action “faster than we saw in 2017 but slower than in 2013.”
Altcoins steals the show
While Bitcoin and COINS disappeared from the spotlight on Thursday, altcoins rallied to lift the market. Dogecoin (DOGE) was the star of the breakout today, rising 60%, pushing the price to a new permanent high of $ 0.1918.
DOGE’s momentum started with the fact that a popular actor of cryptocurrency and “Technoking of Tesla”, Elon Musk posted the following tweet to his 50.8 million subscribers.
Other notable cryptocurrency metrics include Maker (MKR), which rose 43% on the day to an all-time high of $ 4,102, as the ecosystem moves towards complete decentralization, and Band Protocol (BAND), which rose 38%. % To a whole new level. – Time is high. … $ 22.83 after announcement of Google Cloud integration.