Rally

Bitcoin

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You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoins-rally-mirrors-stock-market-gains-as-analysts-predict-further-upsurge" rel="noopener noreferrer nofollow">Bitcoin’s Rally Mirrors Stock Market Gains as Analysts Predict Further Upsurge</a> 
<a href="https://en.bitcoinhaber.net/bitcoin-to-reach-all-time-high-by-2025-predicts-skybridge-capital-ceo" rel="noopener noreferrer nofollow">Bitcoin</a> experienced a surprising 5% increase to $42,000 on January 26 after facing strong selling pressure at the beginning of the week. Currently trading at $41,809, Bitcoin’s market value stands at $819 billion, reflecting a 4.26% rise over the last 24 hours. The recent price surge appears to be influenced by the tailwind of the S&amp;P 500 index reaching all-time highs.
On-chain data provider Santiment reported that while Bitcoin’s price breached the $42,000 level, altcoins have yet to respond to this rise. The synchronization of Bitcoin’s surge with the S&amp;P 500 index’s record high supports the argument that stock market performance is providing a tailwind for the cryptocurrency market.
The sentiment in the market suggests that Bitcoin and leading altcoins may potentially rise to average levels, catching up with the stock market’s performance. Notably, the cryptocurrency market is experiencing a significant delay in its upward trend compared to the stock market, a divergence that has been more pronounced since January 17.
As distinct dynamics emerge between the crypto and traditional markets, the hypothesis of a potential correlation between Bitcoin, major altcoins, and the stock market gains traction. This observation is becoming increasingly significant for market participants.
Crypto analyst Ali Martinez indicated a strong buy signal for Bitcoin on the daily chart using the TD Sequential indicator. Martinez also noted that Bitcoin’s position above the 100-day Simple Moving Average (SMA) sets the stage for positive price movements and that the recent breakthrough above $40,550 could catalyze a rise to $43,000. However, Martinez warned that falling below the 100-day SMA support level could push Bitcoin towards a bearish target of $33,300. He also highlighted a notable increase in active Bitcoin wallet addresses, suggesting high interest and growing network usage.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoins-rally-mirrors-stock-market-gains-as-analysts-predict-further-upsurge" rel="noopener noreferrer nofollow">Bitcoin’s Rally Mirrors Stock Market Gains as Analysts Predict Further Upsurge</a></h5>

Bitcoin’s Rally Mirrors Stock Market Gains as Analysts Predict Further Upsurge

BH NEWS

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