Bitcoin price has soared to fresh 3-week highs as the crypto prices showed a remarkable surge on Monday. Altcoins are also rallying with BTC, indicating a bullish market sentiment among the market participants. Ethereum is also showing a very positive price action as the popular memecoins Dogwifhat (WIF), and PEPE also show a strong bounce.
This week's gains can be attributed to the upcoming Bitcoin halving, which is set to occur around April 20. Therefore, the market participants are speculating about the price action of the pioneering cryptocurrency ahead of the critical event. At the same time, some analysts are also urging caution as BTC and ETH prices are yet to break above $75,000 and $4,000 resistances, respectively.
A look at the top 100 crypto assets by market capitalization shows that WIF crypto is leading the charts with 16.2% gains in the last 24 hours. The price action is backed by strong volume, indicating a possible reversal after an almost 35% drop from the all-time high.
Another popular memecoin PEPE, has also shown a significant uptick since yesterday. The surge in memecoins suggests that market participants are still preferring risky bets over investments into well-established digital assets.
On the 4-hour chart, the BTC/USD pair has broken above the range highs of $71,277. This breakout might give bulls enough confidence to target new yearly highs above $73,800 resistance. The stability of Gold above $2,300 further contributes to the bullish outlook on Bitcoin and other cryptocurrencies.
If the price breaks above $75,000 soon, a move toward $82,000 could be next, which is the 1.618 Fib retracement level. However, there is also a strong possibility of a sell-off as we approach halving. This is because many long-term holders might take this as an opportunity to make some profits.
ETH's price seems to be gravitating toward its current range highs around $3,820, as visible on the chart below. While there could be a sell-off around this level, a higher likelihood is of another retest of the supply zone above $4,000.
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