It’s safe to say that Bitcoin had a spectacular few days followed by an impressive weekly close that could potentially spell further upside for the cryptocurrency. Not surprisingly, the rest of the market followed suit, and a lot of the altcoins are also in the green.
Bitcoin Price Closes Strong Weekly Candle
Likely propelled by a massive short liquidation streak, Bitcoin’s price skyrocketed over the past 24 hours. In fact, as CryptoPotato reported, it spiked to about $48K on Binance Futures as over $100 million worth of short positions were wiped off.
In any case, on Bitstamp, the price almost touched $40K before retracing to where it currently trades at $38K.
The price is up almost 20% in the past seven days and around 25% in the past five days – an impressive performance for sure.
The overall market sentiment is still fearful, but it has improved from extreme fear to just fear, according to the popular index. This shows that investors are getting a bit more confident, but it’s worth noting that there’s a long way until the structure gets to where it was a few months back.
Still, the most recent strong weekly close, as well as favorable on-chain data and other indicators, are beginning to pile up, signaling further potential upside for the cryptocurrency.
Where Bitcoin Goes, Alts Follow
As it’s almost always the case, Bitcoin’s price usually determines the direction of the entire market – this time was no exception.
Most of the altcoins are well in green over the past week and over the past day. In the last 24 hours, ETH is up 7%, ADA – 8.21%, XRP – 7.2%, DOGE – 10.62%, and so forth.
However, Bitcoin’s dominance – the index that tracks BTC’s share relative to that of the entire market, has also increased slightly over the past few days, and it now stands at 47%. This shows that its move was stronger compared to the rest of the market.
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Cryptocurrency charts by TradingView.