The recent correction in the Bitcoin price ended with a strong bounce yesterday as the market participants stepped over each other to buy crypto assets. Ethereum price surged even more as the digital asset surged past $3,590 on crypto exchanges. A similar trend was observed in altcoins like SUI, Solana (SOL), and Avalanche (AVAX).
Popular memecoins like DOGE and FLOKI Inu also formed fresh weekly highs as the investor interest in these risky assets surged once again. KASPA, CFX, AXL, and RON lead the gains among the top 100 altcoins with around 15%-20% surges.
On Thursday, most of the cryptocurrencies were consolidating after experiencing a V-shaped recovery during their last session. Wednesday's strong rally seems to be fuelled by the FOMC statement, which put multiple rate hikes on the table for the coming months despite an uptick in inflation.
As the Fed announced that it would maintain the rates at its current level, equities and digital assets skyrocketed. The new highs of the Wall Street indices also boosted investor confidence in other high-risk assets like cryptocurrencies. Consequently, BTC's price exceeded $68,200 before having a minor pullback.
The dramatic recovery in the BTC-USD pair is visible in the following chart on the 4H timeframe. The digital asset has formed a higher high in this timeframe, which is a strong bullish reversal signal after an 18% correction from all-time highs. However, while Bitcoin price prediction has flipped bullish once again, the upcoming retest of $69,000 will be very critical as bears may try to defend this level with full force.
Floki Inu coin emerged as the leading memecoin on Thursday. The dog-themed crypto asset has been up 27% in the last 24 hours and seems poised to make more gains. The 4H structure is looking very bullish with the recent breakout above the $0.00021888 level.
If bulls flip this level into support, I expect a strong push toward $0.00027000, which is the next resistance level according to the following chart.
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