Market Analysis

Bitcoin & Altcoin Market ComeBack. What Does It Mean Bull Or Bear Again?

The price of the leading cryptocurrency, Bitcoin [BTC], hit $42k on 20th May as altcoins joined the major cryptocurrency in its record-breaking comeback.

Data from CoinMarketCap and TradingView outlined BTC/USD spiking to all-time highs from February on Thursday.

Bitcoin & Altcoin Market ComeBack. What Does It Mean Bull Or Bear Again?

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.

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