In a recent crypto market update, Santiment, a well-known cryptocurrency analytics firm, has reported that Bitcoin (BTC) has managed to rebound strongly, reaching a price of $30,300, even in the face of a slump in equities and a rising dollar. The firm has advised investors to closely monitor the ongoing trend of high profit-taking activities, which have now reached their peak in more than three weeks.
Remarkably, Santiment’s data indicates that Bitcoin addresses have witnessed a remarkable increase of over 20% on average within the past year alone, suggesting sustained interest and participation in the cryptocurrency.
Furthermore, in a subsequent tweet, Santiment highlighted that the resurgence of Bitcoin above the $30,000 mark has instilled renewed confidence in the broader cryptocurrency markets. As a result, numerous alternative cryptocurrencies, or altcoins, are exhibiting signs of revival.
The analytics firm has urged market observers to pay close attention to the levels of Fear of Missing Out (FOMO) if prices of cryptocurrencies continue to surge throughout the day. Noteworthy altcoins, such as SOL (Solana), TON, and HBAR (Hedera Hashgraph), are particularly standing out as assets that are experiencing robust upward momentum, generating optimistic narratives for their future performance.
Additionally, according to data from CoinMarketcap, the overall marketcap of the crypto market is up by 1.94%, reaching $1.18 trillion, in the last 24 hours. It indicates a potential shift towards a more bullish sentiment within the crypto space.
Bitcoin Bounces To $29.8K After Resistance Test
After encountering a crucial resistance level, the prominent digital coin, Bitcoin (BTC), experienced a subsequent dip, retreating to the $29,000 mark. At present, BTC has rebounded slightly, with its trading value positioned at $29,796.03. A glance at both the daily and weekly charts reveals positive trends, as the figures illuminate gains of more than 2% and 0.70% respectively.
Adding to the intrigue, the trading volume over the last 24 hours has displayed a significant surge, experiencing a remarkable 60% boost and ultimately reaching an impressive $21.61 billion. Amidst these market dynamics, a notable voice has chimed in.
Timothy Peterson, the Investment Manager at CaneMacro, took to Twitter to share his optimistic projection. In a bullish tweet, Peterson underscored the significance of Bitcoin’s “Lowest Price Forward” trend, emphasizing that periodic dips have historically followed bear markets.
Peterson’s message carried a tone of reassurance, advising observers to maintain faith in Bitcoin’s trajectory. He stressed that bear markets warrant patience rather than doubt, and predicted that Bitcoin remains less than 1000 days away from breaching the $100,000 milestone.
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