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The crypto market ended the trading week in the green as we saw massive last-minute rallies across the Bitcoin and Altcoin markets.
We also saw positive fundamentals come out for Bitcoin during the end of the week as JPMorgan Offers Access to Six Crypto Funds? Find Out More. This is very positive for the crypto market, it means more institutional demand for Bitcoin and a much larger adoption in the coming years.
For the short term, that means institutional money is flowing into cryptos. And with more demand comes higher prices!
The Bitcoin Rally Is Far From Over
Right now, Bitcoin is trading above key support on the 4-hour timeframe. This $42,411 price level served as a key resistance on numerous occasions before Bitcoin finally broke through it.
This makes it very important for the Bitcoin bulls to continue pushing the price above it because if Bitcoin gets back below that $42,411 key level, we might just face more resistance and price weakness in the coming days.
So for this Bitcoin bull run to continue into next week, the Bitcoin price must continue to trade above the $42,411 support region. A break below this support level only means a sell.
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ETH Trading Above Key Support
ETH also had a wonderful week, closign up more than 13% in gains. This massive move by Ethereum caused a small Alt-season that saw some Altcoins like ICP up 35% for this week alone!
For our bullish price prediction for ETH read The ETH Rally Has Started! Watch This 36% Target Next!
In that analysis, we broke down the key levels to watch, as well as bullish targets we expect the Ethereum price might get to in the coming days.
We can already see this bullish prediction playing out and might continue to do so all through next week.
How Will This Affect Altcoins?
We can already see the Altcoin market becoming very bullish again! The chart above is that of ICP/USDT the Altcoin gained over 30% in gains for this week alone.
This Altcoin bullish trend would last for as long as the ETH price continues to rally. And with a potential 35% price surge likely for ETH, we might see even more massive returns for some Altcoins in the coming days.
This week’s Cryptocurrency Performance by Market Cap
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