The bears seem to have built walls around $63,000, on the other hand, the bulls are struggling to break it down. Although the increasing selling pressure above $63,000 makes the wall strong, the bulls seem determined to break the wall. While Bitcoin is trying to break the $63,000 resistance, altcoins seem to be preparing for a bull run.
Bitcoin 1-Hour Chart
Bitcoin (BTC) is currently trading at $63,008. Although Bitcoin has been signaling that it will move higher since yesterday, high sell orders above $63,000 prevent it from moving higher. The bears seem to have formed solid walls between $63,000 and $63,350, but on the other hand, the bulls' desire to accumulate more keeps Bitcoin in this tight area for now. In particular, a break of the $63,500 resistance could trigger a big bounce to the upwards.
The increase in inflation has slowed down in many countries around the world and even started to decline in some countries, which is a clear signal that the Central Banks will loosen their tight monetary policy. The Swiss National Bank (SNB) cut interest rate for the first time since 2022. SNB cuts interest rate by 0.25 points to 1.5%. The Sveriges Riksbank (Central Bank of Sweden) cut interest rate for the first time since 2016. While they are reducing interest rates in other countries, they are signaling that they will cut interest rates in many countries. In addition, global markets are following a positive trend with the expectation that the FED may cut interest rates. Central Banks of other countries, especially the FED, cut interest rates, that is, loosened their tight monetary policies, this will increase investments in cryptocurrencies, especially Bitcoin, which may revive the bull market and even trigger a stronger bull run.
While Bitcoin struggles to break the $63,000 resistance, altcoins are signaling that they are preparing for a bull run.
Almost all of the cryptocurrencies in the top 100 turned green today and some even made a bounce. Among the top 100 cryptos, the cryptos that rose the most in the last 24 hours are respectively; Akash Network (AKT), which makes a clear difference in the cloud service provider category, has 16.47%, Telegram's native token Toncoin (TON) has 12.22%, AI project The Graph (GRT) has 11.24%, dogwifhat (WIF), the popular memecoin of the Solana ecosystem, rose 9.8% and THORChain (RUNE), which crypto investors see as a great potential, rose 8.6%. Not only these, but many altcoins rose today and are signaling that they are ready for the bull run.
I think the next bull run will be much stronger, especially if Bitcoin moves higher, which will fuel them even more. It looks like a very strong altcoin season is approaching. I follow many altcoins closely, but I would like to say that my favorite is HIVE.
This is not investment advice,I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.