Bullish signals stacking up
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What’s up
Biggest Crypto Shows Signs Of Breaking Out
Since nearly sinking below the $59,000 level the other day, Bitcoin has calmly collected itself, reaching as high as $63,275 over the weekend.
As of Monday at 8 a.m. (EST), BTC was above $64K and barreling toward $65K. "Market cap signals point to a classic bull run comeback," Cointelegraph said Saturday.
Meme chasers have their pick of a few choice climbers of late. A fine example is No. 75 Brett (BRETT) which suddenly finds itself above 11 cents in the wake of a 29% spike in the past week. BRETT is best known as Base Chain's mascot but developers have been teasing integrating gaming elements.
Meanwhile, Celestia (TIA) sported a +8% one-day return as of earlier today. The 67th-largest digital asset is the native token of modular blockchain Celestia.
It was only last month that TIA touched below $4, or where it was in November of 2023. TIA hit an all-time high of $20.85 this past March of 2024.
What's down
Meme Index Takes A Moment
On Sunday night, an altcoin we recently mistook for a fitness regimen vaulted to a prominent place in the token rankings. We're talking about SPX6900 (SPX), momentarily part of the CoinGecko Top 100 after a seven-day surge up 168% to about 80 cents. SPX6900 is touted as a take-off on the famous U.S. blue-chip stock index, only repurposed as a handy proxy for memedom.
As of early Monday, SPX was out of the uppermost echelon, dropping to the No. 105 spot, losing 14% since yesterday.
What's next
Bullish Indicators Galore
The signs of a Bitcoin breakout are everywhere, found in: the overall market capitalization of stablecoins relative to BTC's market cap; whale purchases; order book liquidity; trending RSI scores and a fading dollar rally.
"BTC is going to rip," said Bitcoindata21, pointing to a chart that delved into the stablecoin-cap ratio mimicking bull market patterns of yesteryear.
Last weekend's BTC price increase proved tenuous. The widely followed trader/analyst Michaël van de Poppe expects this past weekend's gains to hold serve.
“BTC took the liquidity beneath $59.5K and quickly ran up,” he said on Saturday. Probably, van de Poppe added, BTC's spot price is due for a few days of consolidation before "going significantly up."
Stiff resistance awaits near $70K. "Here is where the battle between bulls and bears has been most intense since March," CoinDesk said. "With bulls constantly failing to secure a foothold."
