Bitcoin Rises While Altcoins Consolidate; The Pre-Halving Impact Seems to Have Began!
The bears have been capitulating to the market every now and then. This has hindered the growth of the entire crypto space, specifically the Bitcoin price. The price is subject to extreme speculation; it has been experiencing frequent minor upswings for over a couple of months. This indicates the flow of liquidity from Bitcoin to altcoins and vice-versa as the altcoins also failed to set a strong rally towards the north.
Amid these market conditions, a small ray of hope flashes as the Bitcoin price makes a minor upswing beyond $30,000 after a week of narrow consolidation. As per the data from Santiment, the upswing was a result of the assistance provided by the traders who capitulated during the past week of price declines. The volume soared significantly, and the psychological resistance crossed, shifting the negative sentiments to positive ones.
Therefore, the behaviour of the traders suggests a shift of focus from other tokens or altcoins, specifically, back to Bitcoin. Hence, it can also be said that the traders may have indulged in the pre-halving phase, which may have had a significant impact on the price of the flagship crypto hereafter. Despite the minor rise, the bearish clouds continue to loom over the BTC price as the validation of an upswing is yet to happen.
Although the price soared high to reach the crucial resistance, it is struggling to surpass the resistance, which may have validated a rise above the bearish captivity. Moreover, the RSI just displayed a bearish reversal, which suggests the bulls may have been trapped at $30,000 as the bears may again drag the price lower below $29,500.
Therefore, if the price maintains above the crucial support until the end of the day, then the possibility of a healthy and sustained upswing beyond $30,500 may be possible. Else, the Bitcoin (BTC) price may continue to hover between $29,500 and $30,100 for an extended period or until another fresh chuck of liquidity kicks into the market.
Solana Entered the Top 10 While Aptos Price Leads the Top Gainers! Has AltSeason Began?
The global market capitalization has just reclaimed the $1 trillion mark with a massive jump of 6.31% compared to the last trading day. Bitcoin price soared beyond $22,500, while Ethereum price is heading towards $1700. With the bullish sentiments mounting within the crypto space, many of the altcoins have also begun with a notable upswing.
Solana price, which was presumed to be dead, has now reclaimed the top 10th spot with a massive surge of more than 200% from its lows. Meanwhile, Aptos (APT) surged iconically by nearly 50% in the past few hours which raised the possibility of the trend being at the initial stage of a healthy Altseason.
The APT price ever since the beginning of the year ignited a gigantic rally and surged by nearly 270% to rise from $3.6 to as high as $12.9 and still counting. However, the price consolidated after marking the levels at $8 for a while and rose by nearly 60% in the past 24 hours to form new highs for the year 2023. The bullish volume has accumulated and hence fewer possibilities of a pullback may be expected.
Besides, Solana’s price jumped above $25 with a notable upswing of more than 20% as the trading volume jumped by more than 143% marking $1.78 billion. The market capitalization also surged by 20.27% which is currently hovering at $9.34 billion, displaying its potential to go long slicing through the negative market sentiments.
Solana’s price marked its bottom soon after the FTX fallout as it suffered the highest exposure to the event. Many believed the SOL token may not rise again, but the giant price action which began at the start of 2023, shed a ray of hope. Presently, the SOL price is undergoing a parabolic recovery and with frequent upswing is assumed to reach beyond crucial resistance at $35 by the end of January 2023.
Collectively, the bullish momentum is believed to prevail for a while, which may keep up the prices to some extent. The upcoming weekend can be considered pivotal as the trend tends to change quickly. Hence, if Solana (SOL) & Aptos (APT) prices close the weekly trade above the gained levels, then the upcoming trend may mark multiple bullish candles ahead.
This Altcoin Soared 200% in the Past 2 Days, Has the AltSeason Just Began?
-
Bitcoin price is heading close to $21,500 after hovering along the pivotal resistance at $20,000 for quite a long time
-
Some of the altcoins like Band Protocol, Arweave, Chilliz, Fantom, and Litecoin have gained huge bullish momentum and spiked high
After the bearish September faded away, October also kept the crypto space in splits. Meanwhile, since the beginning of November, Bitcoin along with most of the altcoins has been pretty incremental. With the resurgence of a notable upswing, the probability of the beginning of an AltSeason emerges.
Below are the popular altcoins which have raised above the bearish captivity and may maintain a significant upswing in the coming days.
Band Protocol(BAND)
- BAND price surged high and regained the levels prior to the market crash in May 2022 but the extended bearish activity has halted the upswing to some extent
- The price is expected to hover along the upper resistance for a while and later with the bullish interference the price may breach through the resistance and rise high
- After regaining the levels above $3.5, the asset may eventually head towards $4 initially and later may head towards $4.5
Chiliz (CHZ)
- The Chiliz platform is recording enhanced trading activity as the volume has soared magnificently in the past couple of months
- Presently, the price is closer to testing one of the crucial resistance at $0.2657, wherein a significant upswing is expected.
- With an upswing, the CHZ price may rise high and reach the upper targets at around $0.32, else a rejection may drag the price lower close to $0.2 areas
Litecoin(LTC)
- After breaking the above consolidation, the LTC price is testing the crucial descending trend line and hence a breakout from these levels may certify a bullish trend
- On the contrary, if the price faces a rejection, it may drop slightly following a significant rebound which could be fueled when the asset reaches the support at $64
- With a rebound, the price may begin a firm upswing and also try to breach through the descending trend line and rise high to reach the upper targe close to a 3-digit figure
Terra (LUNA) Price Surged More than 200% Without Any News! Has the Euphoria Market Began?
Way back in Q1 2021, one of the popular assets Dogecoin, displayed a similar price action. After years of consolidation, the price raised high by more than 800% in a single day. Presently, Terra’s (LUNA) price is also displaying a similar rally by surging close to 300% in the past few hours.
dogecoin
dogecoin Cryptocurrencies 
Followers : 0 View profile also had raised without any major network upgrade or announcement but had huge support from tesla 
tesla Automobile 
Followers : 0 View profile CEO, elon musk 
elon musk founder, ceo at tesla, spacex Elon Musk was an enthusiastic cryptocurrency believer, quivering the crypto world through his sparkling tweets. He has a complex relationship with cryptocurrencies. His tweets solely are responsible for the crypto volatility. Musk splendidly purchased $1.5 billion in the king of cryptocurrency. He was born on June 28, 1971, and is based in Pretoria, South Africa. His mother is Maye musk and his father is Errol musk, he is a South African electromechanical engineer, pilot, sailor, consultant, and property developer.
He graduated from the University of Pennsylvania, earning a bachelor’s degree in Arts and physics, and the Wharton School, earning a bachelor’s degree in science, and economics. Musk was honored by Axel Springer Award, an annual award given to remarkable personalities who are extremely innovative, build new markets and change markets, shape culture, and confront their social responsibility.
In 1995, Elon Musk and Greg Kouri founded a web software company called ZIP2. The company developed and marketed an Internet city guide for the newspaper publishing industry, with maps, directions, and yellow pages.X.com and PayPal: in 1999, he co-founded X.com which is an online financial service and email payment company. Space X: on 14, March 2002 he founded space x company which provides space transportation services.
On July 1, 2003, he founded TESLA. Tesla is an electrical vehicle and clean energy company which designs and manufactures electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and so on. His other activities involve SolarCity and Tesla Energy, Neuralink, the boring company, Managerial style and treatment of employee Hyperloop, openAI music, and ventures. Etc. he made $165 by selling PayPal to eBay. And was first listed on the Forbes Billionaires List in 2002, with a total net worth of $2 Billion. [email protected] EntrepreneurInvestorChief Executive Officer Followers : 0 View profile . Currently, terra 
terra Blockchain Network 
Followers : 0 View profile also has no such bullish trigger nither any mentions from the prominent figures within the space. But still, the price rose by nearly 286% without any news hovering around the asset.
Therefore, the price rise may be a result of a euphoric market that may crash in the coming days ahead.
With the recent rise, the price has now surged close to its previous levels that it trade soon after the re-branding. Presently, the LUNA price is testing one of the crucial support at $7 and is expected to resume a firm upswing after a brief consolidation. With the next leg up, the price may eventually regain the double-digit target figure & secure levels above $11.
Despite the asset having recorded one of the most profitable days, the reason behind the rise is pretty misty. The volume rose monstrously by more than 3000%, recording levels above $8 billion in the past 24 hours. On the other hand, the sister tokens, Terra Classic(LUNC) & TerraUST (USTC) have plunged significantly.
Therefore, in the Euphoria market, the steep rise or plunge, usually does not have any base, but only flows by sentiments. Therefore, if the sentiments flip, the Terra (LUNA) price tends to fall hard.
Was this writing helpful?
Bitcoin Address in Loss Smash ATH, Has the Bearish September Just Began?
Bitcoin price was on the verge to close the monthly trade on a bearish note, however, the asset surged marginally above $20,000. Woefully, the asset is constantly hovering around $20,000, maintaining a constant descending trend. While the asset is believed to be under bearish captivity for a long, a notable upswing may be fast approaching.
As seen in the above chart, the BTC price is trading within a huge falling wedge and has approached the peak of the consolidation. Hence, the asset appears to be due for a notable breakout which may uplift the price close to $22,000 in the coming days. Moreover, the parallel consolidation in the recent past substantiates the claim.
Presently, the Bitcoin price is holding the lower boundaries at $19,900 firmly and if it further breaks $20,600, the bearish continuation may conclude. Else, a sweep of $19,500 may be imminent.
Bitcoin Address in Loss Smash the ATH
Regardless of the upcoming price action, the number of Bitcoin addresses in loss has reached an ATH of more than 17,500K.
The total address in loss had bottomed and reached levels below 2500K at the beginning of 2022. However, the number of addresses spiked, which further intensified to hit the current levels at 18,965K surpassing the previous ones observed in the first few days of July.
Conversely, the number of addresses in profits has also bottomed hard and reached a month low of 23,760K. On the brighter side, the addresses holding 1+ coins just went above 900,000.
While the Bitcoin(BTC) price is swinging within an uncertain environment, the addresses in loss are adding up every new day. Therefore, if the star crypto fails to rebound, then more addresses may be in loss which may further impact the price rally.