Bitcoin (BTC) battled the $ 35,000 resistance on June 29 as upward momentum resurfaced across the cryptocurrency.
BTC price targets go high
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD hit a 24-hour high of $ 35,780 on Bitstamp on Tuesday.
The pair gained 4.5% that day, returning confidence to traders previously fearful of another big market correction.
As Cointelegraph reported, the weekend was a rags-to-riches story for Bitcoin that rebounded at $ 30,000 to make a formidable comeback into the new week.
For the popular trader Crypto Ed, there was now little reason to watch the BTC price development in doomsday style.
“The current BTC bears are the same ones who believed BTC would drop below $ 10,000 in September 2020,” he argued in his latest update.
For analysts Rekt Capital, the potential for further upside potential also remained after the latest weekly close.
“Great price-strength stability on an important weekly support level for BTC,” he said summarized.
“This is the seventh straight week that this ~ $ 34,500 level has been confirmed as support.”
A look at Order book data from Binance, the largest exchange by volume, showed strong support at $ 30,000 but less buying interest between that level and the spot price of around $ 35,500.
The sellers, on the other hand, stayed at both $ 37,000 and $ 40,000.
Notes on the return of the “altseason”
Altcoins, meanwhile, were keen to capitalize on Bitcoin’s newfound strength and largely outperform BTC gains that day.
Ether (ETH), the largest altcoin by market cap, was up 9% at the time of writing and was trading at nearly $ 2,200.
Related: Active Bitcoin miners are now “unlikely” sellers – data thanks to increased profits
Traders were paying close attention to the potential for a new “old season” tranche should Bitcoin add to its losses or more cautious gains.
“Looks good so far,” Scott Melker told Twitter followers.
“Bitcoin price rises, bitcoin dominance falls. Perfect scenario for the moment for alts.”
Bitcoin’s market cap was slightly below 46% on Tuesday, while the cryptocurrency’s total market cap was $ 1.455 trillion.