Bitcoin has shot above $22,000, and most of the altcoins have followed suit and surged up today. Bitcoin has put on the after-burners this morning and reached almost $22,500 before settling back a tadge. A higher high on the daily at $22,500 is still waiting to be made, and for bitcoin to really sustain the rally it needs to break out the top of the bear flag it is currently trading in, and maintain the price above. Bitcoin dominance is up 0.5% so far today, but the chart tells us that this might be another retest of a rising trendline that has been in play since mid-January.
Unless bitcoin dominance breaks back over this trendline then we could see altcoins start to gain ground and dominance start to recede. Polygon has been one of the major beneficiaries of this rally. Arguably the most prominent of the layer 2 blockchains, Polygon is currently up 18% on the day so far. However, with both the daily RSI and Stochastic RSI starting to register oversold territory on the daily time frame, the high of this present rally for Polygon may be near.
Whether the crypto rally has been caused by SEC chairman Gary Gensler’s remarks that crypto could be exempt from some regulatory rules, or whether it’s just that crypto is following the current upsurge in traditional markets, this rally has given some very welcome relief indeed.
Source: LAURIE DUNN | CRYPTODAILY.CO.UK
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