Bitcoin and other crypto tokens posted strong gains on Monday as bullish momentum in crypto markets continued over the weekend. The possible approval of spot bitcoin exchange-traded funds (ETFs) in the US fueled momentum in the digital asset market, which was applauded by widespread buying interest.
Bitcoin continued to rise as the latest crypto token rose more than 2 percent to hover around 31,000 levels. However, its largest peer Ethereum outperformed and rose over 3 percent but inched towards the $1,700 level. Most altcoins were trading higher.
Bitcoin surpassed the $30,000 mark over the weekend, fueled by renewed optimism regarding the potential approval of a Bitcoin spot ETF, as several applicants amended their applications to the SEC last week. The price movement has seen Bitcoin hit a three-month high and jump more than 11 percent weekly, said Edul Patel, co-founder and CEO of Mudrex.
"Market sentiment is currently bullish. At the same time, Ethereum has broken through the $1,600 resistance level and is now trading above $1,650, while altcoins such as Solana and Chainlink have shown notable growth, surpassing 35% and 41 %, respectively, during the last week". he said.
With the US dollar-pegged USD coin and Tron as the only exceptions, most major crypto tokens were trading with big gains on Monday. Chainlink was up more than 11 percent, while Polygon was up 8 percent. Solana rose about 5 percent, while BNB and Polkadot added 3 percent each.
The global cryptocurrency market capitalization was trading sharply higher, reaching $1.17 trillion, as it rose more than two percent in the last 24 hours. However, total trading volume increased more than 22 percent to $49.22 billion.
Image: Crypto Chart Price
Giottus Crypto Platform Technical View
Aptos (APT), trading above its 50-day exponential moving average, is in an uptrend. The asset has broken above the previous key resistance of $5.5 and is currently experiencing a rally, due to the broader positive sentiment in the market.
Image: Graphic-APTOS
After successfully breaking above the upper boundary of the flat bottom pattern on Saturday, APT was able to hold the support and entered the accumulation phase. It faces immediate resistance at $6.65 and next resistance at $7.61. Its 14-day RSI remains overbought and currently sits around 75. These values โโsuggest that the bullish breakout may continue in the short term. On the downside, $5.27 is the key support level.
Main levels:
Support: $5.27, $4.68
Resistance: $6.65, $7.61
(The opinions and recommendations provided in this section are those of the analysts and do not represent those of Business Today. Please consult your financial advisor before taking any position in the assets mentioned.)
