Bitcoin (BTC), the most popular cryptocurrency in the world, has recently halted its downward trend and gained momentum by surpassing the $28,000 mark. BTC surged by more than 4% and is currently trading at $28,438.
In the meantime, the prices of various alternative cryptocurrencies, such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), have seen a positive trend in their values, and their prices have increased, which is a good sign for investors who hold these cryptocurrencies.
However, the reason behind this upward rally is not clear, but it can be linked to the increasing support for decentralized finance, especially after the recent banking crisis. Hence, the upward surge of BTC has had a positive impact on the entire cryptocurrency market, with other digital assets like ETH also showing a similar upward trajectory.
Furthermore, the Q1 earnings reports of two major companies, Alphabet (the parent company of Google) and Microsoft, were relatively positive, resulting in a positive response from investors. This was seen as one of the contributing factors to the slight increase in the price of Bitcoin (BTC).
The current Bitcoin price is $28,425, and the 24-hour trading volume is $18,8 billionD. Bitcoin has increased by over 4% in the previous 24 hours. Bitcoin’s price outlook has turned positive, breaking free from a sideways trading range and forming a bullish pattern. Immediate support is likely around 28,200, with the overall trend remaining bullish.
A suggested strategy is to consider a long position above 28,200, targeting 28,700 or 29,350, while setting a stop loss below 28,000.
Ethereum, the second-largest cryptocurrency, is experiencing a downward trend after surpassing the $1,950 mark. If Ethereum manages to close above $1,950, it may ignite an upward movement with the possibility of reaching $2,050 or even $2,120.
Nevertheless, if Ethereum is unable to close above the $1,925 level, its price might decline to $1,925.
This article was originally published by CryptoNews.