Bulls are back in business as the crypto prices turn green after a prolonged sideways price action. Bitcoin price is up 4.1% in the last 24 hours and altcoins like Ethereum, Solana and Dymension are also in focus. Analysts expect more upside if the BTC price breaks above a critical level, which we'll discuss later.

There has been a notable surge in the total trading volume across all crypto exchanges. The move appears to be fuelled by another $37 million investment in Bitcoin by Michael Saylor's MicroStrategy. With the latest purchase, the company's Bitcoin holdings have hit a staggering 190,000 coins.

On Thursday, the market dominance of the biggest stablecoin, Tether, is down 0.66% till press time. This has resulted in a corresponding uptick in Bitcoin dominance (BTC.D) and the Total 3 market cap, representing the size of the altcoin market.

Analyzing the BTC/USD price action in the past few days reveals a clear formation of an inverse head and shoulders pattern, as shown in the following chart. This pattern is considered to be extremely bullish. After yesterday's surge, the price has broken out of the neckline, and a confirmation may push it toward the technical target of $49,200.

However, the range highs around $44,500 may act as a huge resistance as it also has confluence with the neckline of the aforementioned inverse head & shoulders pattern.

Celestia Targets Another Retest Of $20

The native asset of the Celestia ecosystem, TIA has emerged as one of the best-performing altcoins in 2024. Since its launch, the coin has been in the limelight due to it never-ending price rally. After a brief pullback in the second half of January, Celestia is aiming for another retest of the $20 barrier.

DYM Price Soars To New Highs

A new cryptocurrency that has been recently listed on major exchanges is giving well-established projects a run for their money. This project is Dymension with its crypto asset DYM. The project has been constantly rallying since its Binance listing that occurred earlier this week. The recent breakout above $6.35 resistance has given bulls the potential to aim for more upside.

The overall cryptocurrency market sentiment is looking very positive due to the positive price action of Bitcoin and Ethereum. As long as these digital assets remain stable, the uptrend in the altcoin market is likely to continue. With Bitcoin halving less than 3 months away, the volatility in the crypto markets is expected to increase in the coming months.