Bitcoin bulls are holding near $21K as the cryptocurrency market shows resilience

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(Kitco News) – Cryptocurrency prices managed to hold on to recent gains in trading Thursday despite weakness in traditional markets stemming from the latest batch of economic data and hawkish comments from the Federal Reserve.

During an afternoon speech at the University of Chicago Business School, Fed Vice Chairman Lyle Brainard He said That the central bank needs to remain dedicated to making monetary policy more restrictive to “make sure that inflation returns to 2% on a sustainable basis”.

The S&P, Dow, and Nasdaq all faced significant downward pressure before and after Brainard’s comments, but managed to trim their losses in the market to close down 0.76%, 0.76%, and 0.96%, respectively.

Data from TradingView shows that Bitcoin (BTC) has crept steadily higher throughout the day, rising from $20,408 recorded late Wednesday night to reach a daily high of $21,207 Thursday afternoon despite lingering concerns. regarding the potential bankruptcy of Genesis Global Capital.

4 hour BTC/USD chart. Source: TradingView

Bitcoin’s sideways price action over the past several days has been called a “normal halt after hitting a four-month high on Tuesday” by Kitco chief technical analyst Jim Wyckoff.

According to Wyckoff, Bitcoin bulls “have a strong overall technical advantage in the near term amidst a bullish price trend on the daily bar chart. This points to more bullishness in the near term.”

Sharing the view that Bitcoin will make further upside, blockchain analyst Milky Bull Crypto posted the following tweet predicting that BTC will soon surge to $28,000.

And Caleb Franzen, Senior Market Analyst at Cubic Analytics, provided insight on the levels to watch to confirm the bullish outlook.

in follow tweet Posted by Franzen, he said “These are the three most important levels for Bitcoin right now. If we stay above them, celebrate. If we retest and bounce on any of them, keep partying. If we break below them, the bear case strengthens. The cops arrive. Until then, dance a little.”

Flexibility in the altcoin market

The resilience shown by Bitcoin was also seen in the broader altcoin market as 85% of the tokens in the top 200 recorded positive performers for the day.

Daily cryptocurrency market performance. Source: Coin360

Ravencoin (RVN) posted the biggest gains with its price up 16.05% to $0.026, followed by a 14.77% increase in Serum (SRM) and a 13.77% gain for Frax Share (FXS).

The total cryptocurrency market cap is now $981 billion, and the Bitcoin dominance rate is 41.4%.

Not giving an opinion: The opinions expressed in this article are those of the author and may not reflect the opinions of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, Kitco Metals Inc. cannot. Nor does the author guarantee this accuracy. This article is for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. does not accept The author of this article will not be held liable for losses and/or damages arising from the use of this publication.

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