The digital currency market has turned into a sea of green as Bitcoin price continues to ascend. The bullish price action of the pioneering crypto asset is also propelling altcoins like Chainlink (LINK), Immutable X (IMX), and Pyth Network (PYTH).
All of these coins have posted double-digit gains in the last 24 hours, with PYTH leading the pack with a 29% surge among the top 100 coins. Internet Computer (ICP) and Mina Protocol (MINA) are also experiencing strong buying pressure, contributing to a surge of 0.89% in the altcoin market capitalization.
The improvement in the overall crypto market sentiment can be attributed to the strong inflows in the recently listed spot ETFs and the upcoming Bitcoin halving, which is set to occur in April 2024.
Although the BTC price is also performing very well, the biggest gainers on Friday have been the altcoins like PYTH, LINK, IMX and MINA. This is also evident in a 0.22% drop in the Bitcoin market dominance (BTC.D). In case of a bigger pullback in BTC.D, altcoins may continue to surge.
LINK crypto soared to its highest level since March 2022 on Friday morning. Currently, Chainlink price is facing resistance from the weekly pivot of $18.32. A deeper look at the following chart reveals that the LINK/USD pair has been trading within an ascending channel.
In the coming days, the price might retest the top of this channel, which lies around $18.70. Further upside will depend on the outcome of this retest.
On the hourly timeframe, BTC/USD is once again trading above the upward trendline after breaking below its earlier this week. Currently, the cryptocurrency faces resistance from the Monday high of $43,500. A breakout from here will take the price toward the range highs of $44,500.
However, this price target will stand invalidated in case of a drop below the $42,500 level. As in that case, a retest of the range lows will become the most likely scenario.
The biggest gainer on Friday among the top 100 cryptocurrencies is Pyth Network's native asset, PYTH. After a 15.06% surge on Thursday, the coin has extended its gains by another 9.05% during its Asian session on Friday. After a breakout above $0.47 resistance, the most likely scenario now seems to be a move toward the all-time high of $0.55, but a break below $0.47 may give bears another chance to make a comeback.
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