CandleFocus

Bitcoin eyes breakout; DOGE, POPCAT, SPX lead weekly gains

Author: Content Editor
Bitcoin made a strong attempt to break its previous highs but was rejected around $73,500. However, the bulls managed to maintain the price above the psychological support level of $72,000, indicating that the rally is not over. The recent rally in Bitcoin has also sparked a revival in the altcoin market, with memecoins gaining significant traction. Liquidity has been flowing into the cryptocurrency market, pushing the overall market capitalization above $2.55 trillion. Despite the rise of altcoins, investors continue to focus on Bitcoin, which holds over 55% of the market dominance. Short-term traders are not taking profits, suggesting confidence in higher price levels. Bullish predictions and sentiments are prevalent in the crypto industry, fueled by factors such as the potential return of former President Donald Trump to the White House and the historical trend of October being a bullish month. Bitcoin's current momentum and technical indicators suggest a potential breakout on the horizon, with $76,000 being a decisive level to watch. The hourly chart for Bitcoin shows a positive short-term trend, with the Ichimoku Cloud and RSI indicating a bullish outlook. Dogecoin, Popcat, and SPX6900 were the top gainers in the altcoin market over the past week, with all three memecoins experiencing double-digit gains.

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