BTC recently broke past its previous all-time high and continued higher past several psychological barriers, signaling that the bull market was real. What’s more, the ongoing rally was supported by the highest “Real Volume” since the June 2019 high.
High volume is very bullish during a breakout, as it indicates to analysts that the surge is real and backed by buyers. Since breaking above $20K, BTCUSD soared and, in a flash, found itself at a high of $23,750 before taking a breather.
The king coin is now looking ready for a new run after it rose from yesterday’s swing low near $22,263 to crack the $24K level. At the time of this article’s writing, the BTC price up 4.5% at its price of $24,090.
BTCUSD Chart By TradingView
Investors will now set their sights on Bitcoin’s upcoming weekly candle close, which should shed some light on the sustainability of this latest spike higher.
Bitcoin Bull Market Gains Momentum
At this point, bitcoin’s year-to-date increase of 224% and rise to a new all-time high above $24K is sufficient evidence that the cryptocurrency is in a bull market.
The current record run is more intense than it has been in the brief 12-year history of the world’s leading digital currency. In fact, bitcoin’s rally has shocked even the most steadfast crypto supporters.
Capital is pouring into the BTC market as hedge funds, institutions, and high-wealth individuals look for an alternative store of value to an underperforming dollar. Moreover, BTC looks set to steal some of gold’s luster and absorb a sizable chunk of the precious metal’s $10 trillion market cap.
Even as the BTC price continues higher, VanEck’s digital asset strategist and director, Gabor Gurbacs, expects a correction in the near term. He argues that bitcoin must correct at some point, a scenario that would ultimately be healthy for holders.
Any market crash would result in panic selling from retail crypto investors, which would shake off weak hands and bring in the strongest hands ever, according to Gurbacs.
A possible dip would likely be bought up extremely fast by institutional hands that are less likely to sell anytime soon, which means the next BTC impulse will be stronger for it.
LTC Price Rallies Past $110
Over the past few days, Litecoin (LTC) has seen a strong rally above $90.00 and $100.00, spurred on by a market-wide crypto resurgence spearheaded by BTC.
In yesterday’s sessions, the LTC/USD pair surged steadily from the $78.88 swing low to the $112.76 high, where it found strong support at the $110 level. The altcoin has now rallied over 11% and is currently changing hands at $117.48.
LTCUSD Chart By TradingView