Cryptos Close the Week Strong
Cryptocurrencies closed out the work week on a positive note as Bitcoin bulls managed to fend off a deeper correction. Meanwhile, the altcoin market continued to trend higher as traders entered the market in full force.
Stocks Climb Higher Despite Consumer Confidence Concerns
Despite concerns about American consumer confidence and rising inflation, stocks climbed higher to finish the week in the green. The S&P, Dow, and Nasdaq were all up, showing resilience in the face of economic data.
Bitcoin Price Movement
Bitcoin experienced a brief dip to $36,430 in the early hours of Friday but quickly recovered to reach a daily high of $37,485. Currently, it has pulled back to support at $37,300. Analysts believe there is a solid overall near-term technical advantage for Bitcoin, with a price uptrend firmly in place. However, some traders warn of a short-lived market correction as Bitcoin approaches an important area of resistance between $38,500 and $42,000.
Altcoin prices saw significant gains, with FTT surging 146% on news of a potential reopening of its trading desk. Other tokens, such as JasmyCoin and Celestia, also recorded impressive increases. The overall cryptocurrency market cap now stands at $1.41 trillion, with Bitcoin’s dominance rate at 51.4%.
Outlook and Potential Range Formation
Analysts anticipate more hype and momentum in the markets as the potential approval of a spot Bitcoin ETF looms. This could push Bitcoin’s price towards $45,000-50,000. Additionally, there is potential for a new range formation, indicating further upward momentum for altcoins. Overall, the outlook remains positive in the cryptocurrency market.