After months of crashing, the crypto market had its biggest rally since a month ago, crypto users excited to see the green. Bitcoin price has surged in the past 24 hours, pulling the price of many altcoins up. The market cap for all digital tokens has regained the $1 trillion threshold.
Bitcoin price bottomed out at $17,600 and in the near future, the momentum looks to be “positively sloped” According to Mark Newton, head of Technical Strategy at Fundstrat Global Advisors, the restoring bullish sentiment would occur near the $25,320 level. He also said that “before any backing and filling”, Bitcoin could potentially reclaim $28,000.
The $22,750 area has so far been held by the bears, but the overall market mood seems to be changing to a more positive stance. As investors suffered massive losses due to tightening monetary policy and the collapse of Celsius and stablecoin TerraUSD in May, Bitcoin has struggled to break out of the $19,000 to $22,000 range. From a record high of $69,000 in November, its price has plummeted. Some predict that once the Fed tightening cycle ends, Bitcoin will make up for this year’s losses. At the time of writing, Bitcoin is trading at $23,553, according to TradingView.
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