Bitcoin bulls near $21k as cryptocurrency market shows resilience

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(Kitco News) – Cryptocurrency prices managed to hold on to recent gains in Thursday’s trade despite weakness in traditional markets brought on by recent economic data and dovish comments from the Fed.

In an afternoon speech at the Chicago Business School, Federal Reserve Vice Chairman Lael Brainard said the central bank must remain committed to making monetary policy more restrictive “to make sure inflation returns to 2% sustainably.”

The S&P, Dow and Nasdaq faced significant downward pressure both before and after Brainard’s comments, but managed to pare their losses to close the market down 0.76%, 0.76% and 0.96%, respectively.

Data from TradingView shows that Bitcoin (BTC) continued to rise throughout the day, falling from $20,408 overnight on Wednesday to a daily high of $21,207 by Thursday afternoon, despite continued concerns over a possible bankruptcy of Genesis Global Capital. rose. .

BTC/USD 4 hour chart. Source: TradingView

Bitcoin’s sideways price action over the past few days has been called a “normal break after hitting a four-month high Tuesday,” by Jim Wyckoff, chief technical analyst at Kitco.

According to Wyckoff, Bitcoin bulls “have a solid overall near-term technical advantage amid a bullish trend on the daily bar chart. This indicates further growth in the near future.”

The prospect that Bitcoin is in for more upside was shared by blockchain analyst Milky Bull Crypto, who posted the following tweet predicting that BTC will soon rise to $28,000.

Caleb Franzen, chief market analyst at Cubic Analytics, provided insight on what levels to look for to confirm a bullish forecast.

In a pursuit tweet Posted by Franzen, he said, “These are the 3 most important levels for Bitcoin right now. If we stay above them, have fun. If we retest any of them and rebound, go ahead. If we break under them, the bear box gets stronger. Don’t stay at the party when the cops come. Until then, dance a little.”

Strength in the altcoin market

Bitcoin’s resilience was also seen in the broader altcoin market, as 85% of tokens in the top 200 showed positive performance on the day.

Daily cryptocurrency market performance. Source: Coin360

Ravencoin (RVN) was the biggest gainer with its price up 16.05% to $0.026, followed by Serum (SRM) up 14.77% and Frax Share (FXS) up 13.77%.

The total cryptocurrency market size is currently $981 billion, and Bitcoin’s dominance rate is 41.4%.

Disclaimer: The views expressed in this article are those of the author and may not reflect his views Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a requirement to make any exchange for commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accepts no responsibility for any loss and/or damage resulting from the use of this publication.

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