There seems to be no stopping Bitcoin, as not only did it break the $50K support lines, but it passed it hitting $51,236 as of this morning.
The good news keeps flowing when it comes to Bitcoin. It is on a non-stop tear, blowing past the high $40’s to top $50K today. This firm position strengthens it’s poise to grow up to $60K, where if this trend continues it could hit new support levels where the new battle ground will take place.
The broader cryptocurrency market is still extremely greedy, as per a multifactorial crypto market sentiment analysis from Alternative, which analyzes emotions and sentiments from different sources and crunches them into one simple number: The Fear & Greed Index for Bitcoin and other large cryptocurrencies.
BTCUSDT on OKEx has successfully broken out of the ascending wedge pattern previously mentioned. However, it resolved in a bullish fashion, thanks to strong support from buyers. The price action has pushed BTC above the $50,000 milestone, with many traders now setting their sights on higher prices.
ETH has stalled a bit not able yet to reach $2K, where there is a struggle to hit this target. Once it’s reached, this could indicate a strong sentiment to push higher, but it’s become difficult for ETH to get there so far. ETHBTC on OKEx remains bearish while trapped underneath a key level of resistance and the four-hour EMA ribbon.
Overall though, this entire bull run has brought up several other cryptocurrencies which are doing well recently. As of this writing, Litecoin is up 8.56%, XRP is up 4.02%, and Bitcoin Cash is up 1.68%. The Bitcoin fork BCH, which aims to be an upgraded version of Bitcoin, has shown a lot of emotional sentiment and network activity over the past week, where the total number of transactions per day has surpassed that of Bitcoin (BTC) and hitting a high mark of $762.