The price of the leading cryptocurrency, Bitcoin [BTC], hit $42k on 20th May as altcoins joined the major cryptocurrency in its record-breaking comeback.
At the time of reporting, volatility was back as bulls sought to tackle what was once formidable resistance.
As reported earlier, the past 24 hours are a test like no other for Bitcoin as selling pressure drove it close to $30k, solely to evaporate and permit a run to $40k – all within around five hours.
Also on Thursday, higher levels remained, with brief spikes hinting at major buy-ins frontrunning a concerted push higher.
Versus the native lows, BTC/USD gained an unparalleled 40% within the past 24 hours.
“The most spectacular rallies happen when emotions within the market at their most extreme,” popular Twitter trader Rekt Capital explained as a part of multiple posts as the market rose.
Rekt Capital outlined that the Crypto Fear and Greed Index, a key indicator of sentiment, was practically repeating behavior from March last year when cryptocurrencies broadly crashed.
As such, others were starting to reveal long positions on the day within a further signal of the belief that the worst of the dip was over.