A group of altcoins continues to reach new yearly highs, while a bullish sign on Bitcoin charts indicates that traders are preparing for a rally to $ 50K.
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The growing institutional interest in Bitcoin (BTC) helped lift the top digital currency to a new record high on February 9th, and led to the overall market value rising beyond that of In Russian rubles in the market.
and data from the Coin Telegraph and Trading View markets show that Bitcoin hit a new all-time high of $ 48,220 in the early hours of Tuesday and has since fallen to $ 4,7092 , Which represents an increase of 24.09% in the past 24 hours.
According to Founder of Decent Trader, Flip Flip, today's market action showed strong activity from the bulls who aggressively absorbed the sellers' positions, leading to the failed collapse of the head and shoulders pattern For low timeframe.
Flip sees the current price action as a positive development for Bitcoin's future looking to rise higher before establishing a new stability zone.
"The stability target is close to $ 52,000, so I expect some correction, but the overall measured movement should take us about 63,000 dollars," Philip said on the Decent Trader Telegram channel. Dollar.
altcoins continue to climb to new yearly highs
altcoins rose as Bitcoin's price consolidated in preparation for what could be a move toward the $ 50,000 level.
After the launch of the Ethereum futures contract on the Chicago Mercantile Exchange, the price of Ethereum (ETH) rose to a new high of $ 1,825.
and data from CoinMetrix indicate that the CME product launch could lead to an accelerated flow to the GraySkale Ethereum Trust (ETHE).
Meanwhile, Litecoin futures also saw a rise in activity as they recorded $ 584 million in open interest, indicating that the alternative currency is attracting the attention of institutional investors.
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