Bitcoin (BTC) tackled the resistance at $35,000 on June 29 as upside momentum started to resurface in the entire crypto market. Double-digit gains were not uncommon for the altcoins as Bitcoin looks set to rise towards $40,000.
Data acquired from TradingView showed BTC/USD hitting 24-hour highs of $35,780 on Bitstamp. The crypto put in 4.5% gains on the day and that restored confidence to the traders who were afraid of another major market correction previously.
Based on previous reports, the weekend appeared to be a rags-to-riches story for Bitcoin. The flagship crypto bounced at $30,000 to stage an impressive comeback heading deep into the new week.
For one popular trader Crypto Ed, there was little reason to hold the doomsday-style view on Bitcoin’s price action. He argued in his latest update:
“Current BTC bears are the same who were convinced BTC would drop below $10k back in September 2021.”
For analyst Rekt Capital, the possibility likewise remained for more upside on the back of the most recent weekly close. He summarized:
“Great price-strength stability at a key Weekly support level for BTC. This is now the 7th week in a row that has been able to reaffirm this ~$34500 level as support.”
Taking a look at orderbook data from Binance, the biggest exchange by volume, showed that some strong support is available at $30,000. But, there is minimal presence of buy interest between this level and spot price around $35,500. On the other side, the sellers remained strong at $37,000 and $40,000.
Alt Season Might Return
In the meantime, altcoins appeared keen to capitalize on BTC’s newfound strength, widely outperforming BTC gains for today.
The biggest altcoin by market capitalization, Ether (ETH), was up 9% at the time of publication, trading around $2,200.
Traders and investors were keenly looking at the possibility for a new installment of ‘alt season’ if Bitcoin adds to its losses or makes more cautious gains. Scott Melker told Twitter followers:
“Looking good so far. Bitcoin price rising, Bitcoin Dominance dropping. A perfect scenario for the moment for alts.”
The Bitcoin market cap dominance stood at 46% on Tuesday, a bit lower, while the general crypto market cap was $1.455 trillion.