Although the BTC price may be lower than its recent highs above $11K, today’s positive price action suggests that the bulls are on the right side of the coin.
The BTC/USD pair started the day with a remarkable rebound from $9,900, a low set on multiple occasions in the past week.
The flagship digital asset climbed to the $10,200 level of support as the bulls fought hard to avert a drop below $10K.
The asset is currently showing signs of strength after breaking above the $10,200 level of support to reach $10,355 during press time.
BTCUSD chart by Tradingview
BTC Price Could Rise Amid Rebounding Stock Market
Today’s rally came about due to significant pressure from buyers who seemed keen on maintaining BTC’s mid-term market structure.
The king coin is now poised to see further upside in the near-term as the bulls fight hard to sustain its uptrend. Furthermore, the equities market is currently recovering from its recent slip, a factor that could be bullish for BTC price.
As reported, BTC recently displayed some uncanny correlation to the US stocks market. One analyst pointed to this correlation to suggest that the rebounding stock market could provide the impetus for a bright short-term outlook in BTC markets.
Trader Johnny Moe suggested via a tweet that the recent strong support at $10K, coupled with today’s strength in the legacy markets, could spark a BTC rally.
“A lot will depend on how SPY holds up the rest of the week, but this is some seriously wicky action into this level, ” he tweeted earlier today.
Many traders are now closely watching how the BTC price will trend in the next few days to determine this current uptick’s sustainability.
ETH Price Rallies by 10%
ETH mirrored BTC’s positive action to kick start a strong recovery wave above the $350 resistance. The top altcoin has managed to build on a support base above $330 to rally by over 10% to its current price of $369.
ETHUSD chart by TradingView
The ETHUSD pair now looks set to surpass the $370 resistance and rally higher in the near term.