The weekend has been a big one for crypto markets, with BTC skyrocketing to a new multi-month peak at around $31,000.
Moreover, the move has pushed total market capitalization to $1.19 trillion, its highest level since mid-August.
Solid Bitcoin Weekly Close
Bitcoin prices neared $31,000 during the Monday morning Asian trading session. This is the highest they have been since mid-July, marking the fourth time the asset has visited this price level in 2023.
Analysts have observed the bullish weekly candle close, wiping out all losses over the past two months.
A beautiful weekly close- reclaiming the level from which we broke down from nearly 2 months ago that led to the biggest liq event we have seen since the FTX collapse/bottom at 15k.
If you’re lucky we get a clean retest of the green zone before continuation.
Send it. $BTC https://t.co/eVGkYwQJzt pic.twitter.com/3rsnaWK28h
— CrediBULL Crypto (@CredibleCrypto) October 23, 2023
Moreover, BTC dominance is over 52%, its highest since April 2021. Analyst ‘CrediBULL Crypto’ said Bitcoin “is on the verge of a massive breakout, and dominance is going a lot higher before it shifts back to a downtrend.”
Bitcoin’s 11% gain over the past week has moved MicroStrategy’s massive $4.6 billion investment back into the green. Nevertheless, traders have identified a head and shoulders pattern that could lead to another downside if it plays out.
$BTC 1W
We still have our potential HS. Very symmetrical and high likelihood of playing out.
It confirms on a 25k breakdown and invalidates on a 31.8 breakout.$BTC.D has bear divs so I’d argue it doesn’t play out but we shall see.#bitcoin #cryptocurrency #cryptonews pic.twitter.com/qaKIjHcPjy
— Roman (@Roman_Trading) October 22, 2023
Nevertheless, Bitcoin’s 2% daily gain has been dwarfed by the double-digit pumps for a handful of altcoins. ‘CrediBULL Crypto’ commented:
“The 5 out of 10,000 alts that are pumping right now are not the norm they are the exception- which is also why they have barely made a dent on BTC dominance.”
Five Flying Altcoins
Chainlink’s LINK has made a whopping 17% over the past 24 hours to reach $10.74 at the time of writing. The asset is now up 44% over the past seven days and is the top-performing altcoin today.
LINK has smashed through resistance at around $8 to reach its highest price since May 2022, when the Terra/Luna ecosystem collapsed.
AAVE is also on a tear, gaining 11% over the past day to hit $78.90 at the time of writing. However, it has returned to 2023 resistance levels that were last hit and rejected in mid-July.
Fantom (FTM) has also gained 11% on the day to reach $0.221. This is its highest price since the mid-August market dump.
Polygon (MATIC) is up 9% to reach a ten-week high of $0.621 at the time of writing. Meanwhile, Aptos (APT) has gained a similar amount over the past 24 hours to reach $6.20, its highest since mid-August.
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