Bitcoin price put on a 7% gain to climb back above $36,000, a sign of the seller exhaustion

The crypto market has recovered despite regulatory crackdowns in China and the UK. Bitcoin price has been trading higher, at times surpassing $36,000, recording a gain of around 7% over the past 24 hours. Prices rising in the face of bad news may be a sign of the seller exhaustion we need to go higher.


BTC/USD 4-hour chart | Source: TradingView

Altcoins soar after Bitcoin bull finally presses the price above the $35,000 resistance

After trading in a range between $35,300 and $33,850, BTC climbed 6.65% from a low of $34,200 to an intraday high at $36,509. So, Bitcoin price pushed through the $35,000 resistance level and lifted the total market cap up to $1.45 trillion. This leads traders to expect a rally to the $38,000 to $41,000 level if BTC can flip the $35,000 level into support.

Traders have now set their sights on the $41,000 resistance level as the next obstacle to overcome in the short term. In it, John Wick, full-time options trader of 16 years, said that “our first GREEN BAR printed”,

“Move started with a Confirmed Topping signal with Bearish RSI divs. That brought us down to a Confirmed Bullish Reversal with Bullish RSI divs & Bullish RSI momentum. Finally, we have gotten a green bar”, he added: “Next resistance $41k!”


Source: John Wick/Twitter

The current bitcoin bull cycle has decoupled from the 2013 and 2017 cycles. This is due to a combination of factors including regulatory crackdowns, environmental concerns, and an occasional tweet from Tesla CEO Elon Musk, which interrupted the 2021 bull cycle.


Bitcoin is currently 413 days after the third halving, which occurred in May 2020 | Source: Coin Metrics

One of the reasons why the altcoins market has enjoyed quite the major resurgence over the past 36 hours or so, much of this can be attributed to ETH’s address activity pop that saw it surpass event BTC’s. At the time of writing, ETH has broken through $2,100, trading at $2,162, up 4% over the past 24 hours, recording an 8% gain over the past seven days.


Source: Santiment/Twitter

In the past 24 hours, the prominent altcoin names in the top 20 can be mentioned as Internet Computer (ICP), Ethereum Classic (ETC) with increases of 11% and 36% respectively. The overall cryptocurrency market cap now stands at $1.45 trillion and Bitcoin Dominance is 46.3%.

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