Crypto markets crank to six-week high as bulls return

Crypto markets crank to six-week high as bulls return

Crypto markets have reached their highest levels for over six weeks as Bitcoin reaches resistance and is primed for its next move.

Around US$6 billion [AU$9.2 billion] has entered crypto markets over the past 24 hours, taking total capitalization up to its highest level since the March crash.

Total capitalization has been slowly accumulating over the past week and has currently reached $223 billion.

Bitcoin is leading the way with a move to meet resistance at $7,800, which it tapped a few hours ago according to TradingView.

This is now a critical barrier for BTC, which is seeing buy signals again just 15 days before the halving.

Digital asset manager Charles Edwards has taken a look at hash ribbons that do not signal a buy very often.

More momentum leading up to the halving is expected, but the big moves don’t usually come until the following year.

Ethereum has also performed well over the weekend, hitting $200 again for the first time since mid-March.

The top-performing altcoin at the moment is Cardano, which has made 10% over the past day as its market cap reaches $1.2 billion.

The rest of them are adding marginal gains and are higher on the week.

Featured image courtesy of Sumanley/Pixabay

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