#BTC maintains most of its gains from this week's rally at $100,000, altcoins turn bullish
Key points: Bitcoin holding $100,000 as support would confirm the current trend reversal. Ether leads among altcoins, and DeFi tokens may follow suit. Bitcoin (BTC) surged...
Bitcoin retains most of its gains from this week's rally at $100,000, altcoins turn bullish - Cryptocurrency
Key points:
Bitcoin holding $100,000 as a support level would confirm the current trend reversal.
Ether leads among altcoins and DeFi tokens may follow suit.
Bitcoin (BTC) surpassed the psychologically critical level of $100,000 on May 8, and bulls are trying to hold the level on May 9. In a post rated X, Coiglass stated that the Bitcoin rally resulted in $837.80 million in short liquidations over a 24-hour period, the largest since 2021.
The Bitcoin rally also propelled several major altcoins, which surpassed their respective resistance levels. The altcoin rally was led by Ether (ETH), which rose approximately 22% on May 8, resulting in a liquidation of $328 million in short positions of Ether.
Daily view of cryptocurrency market data. Source: Coin360
Although the short-term outlook has turned positive, Bitcoin bulls are likely to face significant resistance near the all-time high of $109,588. During pullbacks, traders will need to keep the price above $100,000 to maintain bullish momentum.
Could Bitcoin continue its upward movement and surpass the all-time high? Are altcoins preparing for a short-term rally?
