Bitcoin’s break above the $35,000 resistance shows that the bulls are serious about getting back to the $40,000 level in the short term.
The Bitcoin price (BTC) broke the $35,000 resistance and seems to be entering a new range that would make the price trade between $38,000 and $40,000. Today’s recovery from the USD 34,000 level also seems to have invalidated what appeared to be a bearish head and shoulders pattern formed in the 4-hour time frame.
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Claiming the $36,000 level as support can also help crush the children’s narrative that Bitcoin Trader scam price was entering a new bear market after this week’s 26.5% drop subtracted $200 billion from the total capitalization of the crypto market.
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Despite this decline, financial advisors continue to develop a more positive outlook towards the major cryptomoney as well as the growing DeFi sector.
Daily performance of the cryptomoney market. Source: Coin360
The recent announcement by the Office of the Comptroller of the Currency (OCC) allowing banks to conduct transactions and guard stablecoins is being interpreted as a green light for the entire cryptomint sector.
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Proof of this came today, as custody provider Anchorage just obtained the first digital bank letter from the OCC. According to outgoing OCC chief Brian Brooks, the future of Internet finance is inevitable.
DeFi and altcoins show strength
The current market conditions continue to reflect the trend of previous cycles, in which the price of Bitcoin is sharply corrected and then consolidated after experiencing a period of parabolic growth.
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During these consolidation phases, traders tend to move their funds to altcoins, the increase in volume and the rebound of several altcoins today reinforces this theory.
Daily chart of BTC/USD. Source: Coin360
While Bitcoin spent the early hours of the day trading between $32,000 and $35,000, Ether (ETH) rose to higher levels, gaining 3.96% to trade at $1,120 at the time of writing.
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Meanwhile, Polkadot (DOT) was the currency of the day, with a rise of 36.89%, trading close to USD 11.30. Its sister chain Kusama (KSM) also saw its price rise, increasing by 21.25% to USD 77.59.
The overall capitalization of the crypto currency market is now USD 983.5 billion and Bitcoin’s dominance rate is 68.7%.