Bitcoin Soars over $26,000; Avalanche, Solana, and Dogecoin Surge up to 6% in Crypto Market Today
Bitcoin and other cryptocurrencies extended their gains for the third consecutive day, although some tokens saw profit-taking in early trading. Investors remain positive about the digital token market after the global fallout triggered by the US banking sector, and US inflation numbers being in line with expectations indicate that aggressive rate hikes by the US Federal Reserve may be avoided. Bitcoin briefly broke through the $26,000 level but has since seen its gains cut back to below $25,000, while ethereum attempted to reach $1,800 but was hovering around $1,700. Altcoins outperformed the blue-chip tokens with some seeing rises of up to 35%. The bullish market structure indicates the worst is over for the digital token market. Bitcoin’s 50-day and 200-day moving averages and RSI levels suggest it may be overbought and could fall back to its next support level of $23,965 before making another move higher towards resistance levels of $25,960, $26,670 and $28,800.