Bitcoin and top cryptos such as Ethereum and Solana witnessed upswings.
Bitcoin (BTC) rose past the 50-day MA on Monday, exploring levels never hit for over two months. The world’s leading cryptocurrency experienced a more than 3% increase to $42,956, higher than its 50-day Moving Average near $42,810.
That came after Friday’s record surge since October, keeping Bitcoin well beyond the $40,000 psychological level over the previous weekend.
Bitcoin shows bullishness signals after breaking vital upside zones a downward trend-line within the last few days. Asia Pacific’s head Vijay Ayyar said Bitcoin needs a decisive close beyond 50DMA to head towards higher levels of $46,000, then $47,000.
Bitcoin’s surge past the technical level extends the higher momentum amid impressive United States jobs updates on Friday as Amazon.com reported massive earnings.
Remember, Bitcoin has shown a high correlation with the stock marketplace over the recent months. S &P 500 surged 0.5% during Friday’s session, while NASDAQ 100 experienced a 1.3% increase, triggering bullishness in the BTC space.
Bitcoin climbed past its 50-day MA today. The crypto has hovered under this level for over two months. Mark Newton of Fundstrat says the latest technical breakout might trigger upsurges within the coming weeks, leading to higher highs for Bitcoin and large-cap assets, including Ethereum. Initial upward targets stand at $45,000, then $51,100.
Bitcoin’s current bullishness had altcoins, including Solana and Ethereum, noting higher moves. Generally, the altcoin market recorded impressive gains. XRP surged 8.1%, while the original meme token Dogecoin gained 7.4%. Nevertheless, Shiba Inu outperformed DOGE with a 26% upside move.
Meanwhile, surging Lightning Network capacity adds fuel to Bitcoin’s fire. The currency’s Lightning Network capacity saw a drastic growth within the past years, locking around 3,400 BTC, equal to a whopping $141 million.
That reflects a 3-times capacity surge within one year. Moreover, leading market participants started incorporating the Lightning Network. Block Inc. integrated the functionality into its Cash App, bringing zero fees BTC transactions to the app.
Though Bitcoin saw impressive moves over the last session, it is yet to shift to a bullish market. The crypto requires momentum to clear hurdles in its road towards $50,000 to display near term bullish marketplace.
