Traders hope $60K Bitcoin price boosts momentum in ETH, SUI, TAO and NOT
Bitcoin bulls are trying to flip $60,000 to support, and if that happens, ETH, SUI, TAO and NOT could move higher.
Bitcoin (BTC) recovered sharply from the intra-week lows of below $50,000, signaling aggressive buying at lower levels. Although this is a bullish sign, veteran trader Peter Brandt believes the selling is not done yet. Brandt said in a X post that there is a 50% possibility of Bitcoin falling below $40,000.
However, the Bitcoin bull-bear market cycle indicator, which had turned negative, has again flipped bullish. CryptoQuant founder and CEO Ki Young Ju said in a post on X that several Bitcoin onchain cyclical indicators that were on the “borderline have now shifted back to signaling a bull market.”
Bitcoin’s recovery has attracted buying in select altcoins that have turned around and are attempting to start a new up move. If Bitcoin maintains above $60,000, the altcoin rally is expected to gain momentum.
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Author: Rakesh Upadhyay
