The crypto market continues its bullish momentum, with the prices of top cryptocurrencies surging for the second day in a row.
Bitcoin briefly crossed the $64k mark, gaining nearly 3% in the last 24 hours. On the weekly chart, Bitcoin is up by over 10% after it had dropped to $57k last week.
Interestingly, Bitcoin has not crossed the $64k mark since August 26th. Despite several attempts to break the strong resistance at $63.9k, BTC continued to plummet. However, with a 50-basis-point Fed rate cut announced on Wednesday, the crypto markets have seen an influx of fresh funds, pushing the prices of top coins higher. On Wednesday, Bitcoin peaked reaching the highest it has been this month.
Among major altcoins, Solana has been the top gainer in the last 24 hours, posting a 7.3% day-on-day growth. At press time, Solana is exchanging hands at $148.17. Following Solana is Avax, which gained 9.28% in 24 hours. On the weekly chart, Avax has gained nearly 20% in the last 7 days.
Ethereum’s growth has outshined Bitcoin, with Ether gaining 5.7% day-on-day. Currently, Ethereum is trading at $2,552.
Will We Get a New Bitcoin All-Time High (ATH) Soon?
With a sharp rally in the prices of leading cryptocurrencies, the market is echoing bullish investor confidence. As such, the question of Bitcoin making a new all-time high in the near term is circulating on social media.
For intraday levels, Bitcoin is in a zone of strong resistance, as it was last week when it attempted to break the 200 EMA at $59.3k. However, after extreme volatility, Bitcoin managed to sustain above the $59k mark. With positive news following the FOMC meeting, the leading crypto formed strong green candles, hitting $64k.
While $65k is an important level, chances are we may see minor corrections on the daily chart. There has been no retracement for Bitcoin since it crossed the $60k level earlier this week.
If Bitcoin continues its bullish momentum and sustains above $65k over the weekend, we may see a $70k Bitcoin in the coming week.
However, for Bitcoin to hit a new ATH next week, the odds are low. Around $65k, we are likely to see a retracement as investors look to book profits ahead of the U.S. presidential elections in November.
